Oh..oh....Moody's cuts Spain debt ratings three notches

[dixiegrrrrl]

to Baa3 from A3, saying the newly approved euro zone plan to help Spain's banks will increase the country's debt burden.

Moody's, which also said it could lower Spain's rating further, cited the Spanish government's "very limited" access to international debt markets and the weakness of the national economy.
http://www.vancouversun.com/business/Moody+cuts+Spain+debt+ratings+three+notches/6777819/story.html

that is lowest investment grade.

[Po_d Mainiac]

1. As Nigel Farage pointed out

Under the terms of the bailout, Italy must lend to Spain @3% money they are forced to borrow @7%.....In turn, Spain is bailing out their banks by socializing the risk.

Brilliant!

And the next 100 Billion Euro's needed to keep Spanish banks afloat will be needed in 5-4-3

Want to turn a large fortune into a small one?

[dixiegrrrrl]

2. I really like that Farage dude. He sounds so.....sane.