Moody’s Downgrades Spanish Government Debt Ratings!
- The Eurozone do not have any ratings agencies of their own. People who say that the Eurozone is under a coordinated and deliberate attack by the Anglo-American money power are not far from the truth. The fact of the matter is: America’s sovereign debt is even higher than the Eurozone. Total debts including unfunded liabilities, GSEs, Social Security … and using GAAP is probably over US$200T, ie. 14x GDP.
– - What we are witnessing are 2 pit vipers, 2 arms of the Illuminati, waging war against one another for global monetary hegemony. The Illuminist system is Darwinian. It is not based on love, loyalty and cooperation. They believe they are simply highly evolved animals fighting the survival of the fittest war. What is happening now is laying the ground work for the fulfilment of this prophecy.
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Revelation 17:15-18 (New King James Version)
15 Then he said to me, “The waters which you saw, where the harlot sits, are peoples, multitudes, nations, and tongues. 16 And the ten horns which you saw on[d] the beast, these will hate the harlot, make her desolate and naked, eat her flesh and burn her with fire. 17 For God has put it into their hearts to fulfill His purpose, to be of one mind, and to give their kingdom to the beast, until the words of God are fulfilled. 18 And the woman whom you saw is that great city which reigns over the kings of the earth.”
– - Moody’s downgrades Spanish government debt ratings
by Associated Press,
NEW YORK — Moody’s Investors Service on Tuesday became the latest ratings agency to downgrade Spain’s government bond ratings. Moody’s cut the ratings one notch and issued a negative outlook for the struggling nation’s sovereign debt.
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The ratings agency downgraded Spanish debt to “A1” from “Aa2,” four days after Standard & Poor’s cut its rating on the nation’s long-term debt. Fitch Ratings likewise cut Spain’s rating on Friday.
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After nearly two years of recession, Spanish unemployment is high, credit is tight, the banking sector is weak and the private sector carries heavy debt. The ongoing crisis throughout Europe is further weighing on the nation’s attempts to address its problems.
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Ratings cuts increase the cost of borrowing, and Spain was already paying higher interest rates because investors are concerned it could be the next country in Europe to require a rescue package
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Moody’s said Spain continues to be vulnerable to market stress, and since it began reviewing its ratings in July, no resolution to the debt crisis has emerged. The potential for contagion from further shocks and fragility within the country makes a rating in the “A” category more appropriate than “Aa,” the agency said. Spain has the fourth-largest economy in the Eurozone.
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Spain’s Credit Rating Cut by S&P Amid Concern Europe Debt Crisis Worsening
By Emma Ross-Thomas, http://www.bloomberg.com/ , Oct 14, 2011
Spain’s credit rating was cut for the third time in three years by Standard & Poor’s as slowing growth and rising defaults threaten banks and undermine efforts to contain Europe’s sovereign-debt crisis.
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The ranking was reduced by one level to AA-, S&P’s fourth-highest investment grade, with the outlook remaining negative, the rating company said in a statement late yesterday. Fitch Ratings downgraded Spain to the same level on Oct. 7, when the company also cut its rating on Italy.
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“Despite signs of resilience in economic performance during 2011, we see heightened risks to Spain’s growth prospects,” S&P said. “The financial profile of the Spanish banking system will, in our opinion, weaken further, with the stock of problematic assets rising further.”
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Spanish, Italian and Greek bonds fell on concern that the euro region is struggling to contain a crisis that threatens to trigger another global slump. As Group of 20 finance ministers prepare to meet in Paris, G-20 and International Monetary Fund officials indicated that the IMF may seek additional funds to shelter nations such as Spain and Italy from contagion.
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