Brink Of Collapse Coming Faster Than Expected
Euro under new pressure after Spain’s debt rating is downgraded … Markets set to fall after ratings agency Fitch strips Spain of AAA score … French debt rating also threatened, says budget minister Francois Baroin … Spain’s Jose Luis Rodriguez Zapatero (left) struggled to gain support for austerity measures. His government may also face a general strike. … The euro is expected to come under further pressure tomorrow as Spain’s minority government teeters on the brink of collapse and traders fear contagion throughout the eurozone after a senior French minister admitted that his country’s top-notch credit rating was under threat. Stock and debt markets are likely to take a battering after the decision on Friday by the ratings agency Fitch to strip Spain of its coveted AAA credit score, the second downgrade in a month. Fitch’s decision was announced after the markets in closed, so traders will have their first chance tomorrow to react, although London and New York will be sidelined by bank holidays. – UK Guardian
Dominant Social Theme: Things are tough and demand austerity.
Free-Market Analysis: What a mess. As can be seen by the article excerpt above, the European Union threatens to come apart at the seams. The debt “contagion” is obviously not stopping, nor can it, given the monstrous overhang that is now being presented to world markets. Spain has been downgraded and other countries teeter on the precipice. We predicted recently that France was in bad shape, and events seem to be moving even faster than we expected – with French officials admitting that French credit ratings could also soon drop.
The Looming Financial Holocaust – Is Closer Than We Thought …
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