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Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 03:08:41 PM EST
Credit ratings: how Fitch, Moody's and S&P rate each country . Visualised - with a spreadsheet | News | guardian.co.uk

How do credit ratings vary by country and by ratings agencies? The UK has had the outlook on it's Aaa Moody's rating changed to negative in a range of adjustments by the major credit agency including downgrades for Italy, Malta, Portugal, Slovenia, Slovakia and Spain.

Moody's announced the nine rating changes yesterday with France and Austria sharing the same fate as the UK with their outlooks also being changed to negative. A "negative outlook" means there is approximately a one in three chance that Britain will lose its AAA rating with Moody's in the next 18 months.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 03:52:22 PM EST
[ Parent ]
BBC News - Osborne defends cuts as UK warned on credit rating

Chancellor George Osborne has defended continued spending cuts following a warning that the country's top credit rating may be downgraded.

Ratings agency Moody's put the UK on "negative outlook" due to the risk the eurozone crisis could affect growth and thus its efforts to reduce debts.

Labour said the government should ease off on austerity measures because they were "sacrificing" growth and jobs.

Mr Osborne disputed this, saying the UK "had to deal with its debts".

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 04:05:00 PM EST
[ Parent ]
White House projects 1.33 trillion USD deficit in 2012 FY - Xinhua | English.news.cn

The White House on Monday projected that the U.S. federal government's budget deficit will reach around 1.33 trillion U.S. dollars in the 2012 fiscal year ending September 2012, fresh evidence of the mounting budgetary pressure facing the world's largest economy.

The estimate was equal to 8.5 percent of the nation's gross domestic product (GDP) and was higher than the 1.1 trillion dollars predicted last month by the U.S. Congressional Budget Office (CBO), a non-partisan budgetary and economic research agency for the Congress.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 04:03:19 PM EST
[ Parent ]
the china master plan... to finance the hegemon's endless prefabricated wars until the armed forces are worn to a PTSD shrivel and said hegemon collapses through corruption, hoisted on its own gilded petard.

thereby removing the only real worry they have before colonising the rest of the planet through post-ideological pluto-communism, or pragmatism as it is known as for short...

clever buggers, time and the western entitlement and self-indulgence will enable this dastardly plot to upend the natural mammon-given scheme of things, where we talk on iphones and they jump out of windows making them.

50 years should be plenty of time, a blink in their history.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Tue Feb 14th, 2012 at 11:31:45 PM EST
[ Parent ]
I don't think it's a plan, in fact the imminent collapse of the US as a market for heir goods may not work well domestically, but in terms of competition for raw materials, I'm sure they find their rivals self-destruction to be extremely convenient.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed Feb 15th, 2012 at 02:46:38 AM EST
[ Parent ]
BBC News - Greek recession deepens in the fourth quarter

The deterioration of the Greek economy accelerated in the final three months of last year, the latest government figures show.

The estimate showed that, compared with a year earlier, Greek GDP contracted by 7% in the fourth quarter of 2011.

That is an acceleration from the 5% contraction in the third quarter.

The report also shows that the Greek economy shrank 6% last year, an increase on earlier estimates and the fifth year of recession.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 04:04:22 PM EST
[ Parent ]
How would Greece be worse off today if they had ditched the Euro a few years ago? How will they be worse off three years from now if they ditch it today?
I don't see any indication that there's much they can do to satisfy their masters beyond pulling their pants down, sticking their ass in the air and begging "please sir, may I have another."
I suppose the creditor nations now have a vested interest in guaranteeing Greece's misery, since if it blows off the Euro and thrives all the other suffering debtor nations will see leaving the Euro as a more credible option.
by Andhakari on Wed Feb 15th, 2012 at 02:56:46 AM EST
[ Parent ]
Again, not every country is equal. You have a heavily service oriented economy with only 20% geared toward manufacturing and exports. yet it has shipping and tourism too which comprise between 10-25% of the total, and these two sectors benefit from using the euro (i.e. the tourism product has been upgraded heavily since the introduction of the euro, and year-after-year, Greece experiences an increase in tourists). So, the kind of thing we read about in a classical economics textbook about devaluation, etc., may not apply precisely to Greece.

Leaving the euro (and especially to have never joined it in the first place) is probably best for Greece in the long-term, since the country needs to produce more goods for export. But in the short-term, it may not benefit them. They can probably grow better and faster if they reorganize by lowering taxes, cutting the military considerably, using an all-hands-on-deck approach to gov't finances (i.e. let's focus on feeding people first, all else is extra).

The rest, gov't deregulation, reopening shuttered businesses, investment, etc., is going to take a long time.

What I suspect will happen is that they'll try to stay with the Euro and will start selling off cheaply to the Arabs and Chinese, but also will encourage a private energy sector in solar and oil/gas exploration. American companies have started investing in solar to the west, and some pharmaceuticals companies have put big stakes down for new factories.

Everything in Greece depends on what happens to the debt overhang. How is that going to be treated?

by Upstate NY on Wed Feb 15th, 2012 at 10:48:42 AM EST
[ Parent ]
Is the increase in tourism income largely because of the euro or because of upgrading towards pricier toruism. Vacations are after all largely a status product, so pricier is better (if you can afford it).

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Wed Feb 15th, 2012 at 02:40:28 PM EST
[ Parent ]
Well, it is pricier, but my reference to increases are strictly incoming tourist numbers. I've seen islands that were totally debauched paradises for 20 somethings go upscale and middle aged.
by Upstate NY on Wed Feb 15th, 2012 at 10:55:59 PM EST
[ Parent ]


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