S&P puts 15 eurozone countries on credit watch

[dipsydoodle]

Source: Associated Press

BRUSSELS (AP) -- Standard & Poor's threatened Monday to downgrade the credit rating of 15 eurozone countries, piling pressure on the currency union's leaders to take radical steps to resolve their debt crisis at a summit later this week.

The decision to put 15 eurozone countries - including AAA-rating nations such as Germany and Luxembourg - on watch for a possible cut in their credit worthiness also threatens to throw the eurozone's bailout mechanism into disarray, since the rescue fund relies on those countries' stellar rating to cheaply raise money on the markets.

"Today's CreditWatch placements are prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the extent that they now put downward pressure on the credit standing of the eurozone as a whole," S&P said in a statement shortly after markets closed in the United States.

The only two euro nations not put on credit watch were Cyprus, which was already under review, and Greece, which already holds the world's worst rating.

Read more: http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_FINANCIAL_CRISIS?SITE=VABRM&SECTION=HOME&TEMPLATE=DEFAULT

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Please note : CountAllVotes actually posted this news item just before me but graciously deleted the post in the absense of a link.


S&P warns of broad euro zone downgrade over debt crisis

(Reuters) - Standard & Poor's on Monday warned it may downgrade the credit ratings of virtually all euro zone countries as the region's debt crisis deepens.

The ratings agency placed the ratings of 15 euro zone countries, including top-rated nations such as Germany and France, on credit watch negative -- an unprecedented move that signals a possible downgrade within three months.

S&P's action was "prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the `=extent that they now put downward pressure on the credit standing of the eurozone as a whole," S&P said in a statement.

S&P expects to conclude its review "as soon as possible" following the summit of EU leaders later this week, it added.

http://uk.reuters.com/article/2011/12/05/uk-eurozone-sp-officials-idUKTRE7B42BO20111205

[No Elephants]

1. S & P. The company that rated crap mortgage derivatives AAA? Why is the SEC not going after them?

Jon Stewart started a new segment called "How the Fuck Did Martha Stewart Go To Jail?"

First installment: Federal Reserve quietly giving the bailed out banks another Eleven Trillion Dollars.

your tax dollars at work.

[jwirr]

3. Agreed. Are they also the ones who give us the credit ratings that

allow us to borrow more than we can repay so they can sell our bad debt when we default?

[dballance]

4. Exactly. Why the hell do we care what these people say anymore?

They were useless in preventing the meltdown so why does anyone listen to them?

[Angry Dragon]

2. S&P are frauds and have no credibility

[ProgressiveProfessor]

6. Yet their words sure seem to upset some people

[gtar100]

5. OMG They are going to have to enact those austerity measures now!

There's just no way around it. It just has to be done.
:mad:

[dipsydoodle]

7. Merkel downplays possible S&P downgrade

BERLIN (AP) -- Chancellor Angela Merkel is downplaying the news that Standard & Poor's is examining the credit rating of 15 eurozone countries for a possible downgrade, saying the region is on the path out of its financial crisis.

She told reporters Tuesday that "what a rating agency does is the responsibility of the rating agency" but that leaders would plot a course to "regain confidence" when they meet later this week.

She says "I have always said this is a long process... and it will continue, but we charted the course yesterday with the French president and we will continue to stay the course."

Markets have been jittery following the news that S&P had placed 15 nations on notice for possible downgrades, including France and Germany, which both have a AAA rating.

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_FINANCIAL_CRISIS?SITE=INLAF&SECTION=HOME&TEMPLATE=DEFAULT