JTF.ORG Forum
General Category => General Discussion => Topic started by: briann on January 20, 2009, 12:57:34 AM
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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4292055/SandP-strips-Spain-of-its-AAA-credit-rating.html
The credit-rating agency's downgrade comes at a delicate moment for Euroland's weaker bloc. Several states already face difficulties raising money on the bond markets. The yield spreads on Spanish debt rose yesterday to a post-EMU high of 122 basis points above German Bunds, though still below levels for Italy, Ireland and Greece.
Explaining the downgrade, S&P cited the "structural weaknesses in the Spanish economy" and predicted a long recession that will raise public debt by 18pc of GDP and may entail a huge bank bail-out.
Brussels predicted that unemployment in Spain would reach 19pc by next year, pushing the jobless total to near 4.5m. Opposition leader Mariano Rajoy called on finance minister Pedro Solbes to step down as a "patriotic duty". "This is a man who has thrown in the towel. He's given up, he's got no ideas left and no clue what to do next," he said.
Myriam Fernández, S&P's lead analyst, said Spain's euro membership provided stability but also tied Madrid's hands as it tries to respond to the crisis. "It doesn't have control over monetary policy and lacks the flexibility to correct its current account by devaluation," she said.
Alberto Mattelan, an economist at Inverseguros, said the key risk over the next two years is Spanish companies' debt load. "They are very dependent on external credit. At 10pc of GDP, it's the highest in Europe. There won't be a real recovery until 2011," he said.
Spanish politics may not wait that long. Some 35,000 trade unionists marched through Zaragoza, in the county's north-east, on Sunday to demand "job protection" after a clutch of factory closures in Aragon's industrial hub. It was the first big labour protest against the Socialist government of Jose Luis Zapatero. "We're paying the bill for this crisis and we are not going to pay the bill any longer," said union leader Julian Buey.
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19%???
:o
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I do not wonder. Zapatero, the head of Spanish Bolschewism, has ruined the country. He gave milliones of Muzzies the Spanish citizenship. They soak the blood of the Spanish people like vampires by consuming Billions of welfare money.
In addition to that this Bolschewist animals did everything in order to destroy the Spanish family and to promote every sinfull behaviour. They even made laws to support and promote the unnatural fornication.
Plus they supported every wicked gouvernment on this planet.
Spain is today one of the most wicked countries in Europe. Even the Germans can not compete with it's wickedness today. And this is a really difficult thing.
Now comes the punishment.
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Myriam Fernández, S&P's lead analyst, said Spain's euro membership provided stability but also tied Madrid's hands as it tries to respond to the crisis. "It doesn't have control over monetary policy and lacks the flexibility to correct its current account by devaluation," she said.
To use the printing machine in order to create an inflation is the righ answer?
Spanish politics may not wait that long. Some 35,000 trade unionists marched through Zaragoza, in the county's north-east, on Sunday to demand "job protection" after a clutch of factory closures in Aragon's industrial hub. It was the first big labour protest against the Socialist government of Jose Luis Zapatero. "We're paying the bill for this crisis and we are not going to pay the bill any longer," said union leader Julian Buey.
The bolschewists of the trade unions caused this chaos and now they are demonstrating against their own policy?
What for a moronism!
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Is the United States heading for total disaster due to all the money that's being printed and used for the bailout? I feel that these same dolts and moron who got us into this mess are only digging us deeper now and eventually we'll have to pay the piper. Am I wrong, or will the TARP work? I don't believe what's happened to my country.
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Is the United States heading for total disaster due to all the money that's being printed and used for the bailout? I feel that these same dolts and moron who got us into this mess are only digging us deeper now and eventually we'll have to pay the piper. Am I wrong, or will the TARP work? I don't believe what's happened to my country.
I jsut hope we don't have to sell pencils on the street.
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I do not wonder. Zapatero, the head of Spanish Bolschewism, has ruined the country. He gave milliones of Muzzies the Spanish citizenship. They soak the blood of the Spanish people like vampires by consuming Billions of welfare money.
In addition to that this Bolschewist animals did everything in order to destroy the Spanish family and to promote every sinfull behaviour. They even made laws to support and promote the unnatural fornication.
Plus they supported every wicked gouvernment on this planet.
Spain is today one of the most wicked countries in Europe. Even the Germans can not compete with it's wickedness today. And this is a really difficult thing.
Now comes the punishment.
They left Iraq to appease the Muzzies and now they see the Muzzies want to reconquer the Iberian peninsula. They never learn. Maybe Morocco will try to conquer some of their islands again, this time while they are weak
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Myriam Fernández, S&P's lead analyst, said Spain's euro membership provided stability but also tied Madrid's hands as it tries to respond to the crisis. "It doesn't have control over monetary policy and lacks the flexibility to correct its current account by devaluation," she said.
To use the printing machine in order to create an inflation is the righ answer?
Spanish politics may not wait that long. Some 35,000 trade unionists marched through Zaragoza, in the county's north-east, on Sunday to demand "job protection" after a clutch of factory closures in Aragon's industrial hub. It was the first big labour protest against the Socialist government of Jose Luis Zapatero. "We're paying the bill for this crisis and we are not going to pay the bill any longer," said union leader Julian Buey.
The bolschewists of the trade unions caused this chaos and now they are demonstrating against their own policy?
What for a moronism!
Yes... you are right... if you are part of the Euro... you cant arbitrarily decide that you want to print more Euros. That is decided by the European Central Bank which has members from all EU countries.
You are also right that Spain is another PRIME example of why Leftism DOES NOT WORK!!!
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We'll easily be there or above by the end of Hussein's first and hopefully only term. Just in the first two weeks of this year, 120,000 job cuts have been announced:
http://www.howestreet.com/articles/index.php?article_id=8429
We are entering what Gerald Celente calls "The Greatest Depression".
http://www.howestreet.com/audiovideo/index.php?pl=/goldradio/index.php/mediaplayer/1065
This whole economic disaster is just getting started. You ain't seen nothin' yet.
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He gave milliones of Muzzies the Spanish citizenship
Millions? Really? What is the percentage of Muslims in Spain population today?
Spain once was under muslim rule. Are they going to repeat it today?