Jan. 5 (Bloomberg) -- Fitch Ratings downgraded Icelandâs credit rating to junk after President Olafur R. Grimsson blocked a depositor accord with the U.K. and Netherlands that rating services had said was key to the islandâs economic resurrection. Fitch cut the long-term foreign and local currency issuer default ratings to âBB+â and âBBB+â from âBBB-â and âA-â respectively, the rating service said in a statement today. The outlooks on both long-term ratings are negative. Fitch also downgraded Icelandâs short-term foreign currency IDR to âBâ from âF3â and cut the country ceiling to âBB+â from âBBB-â.
Instead of a race to bottom, will we just point fingers at other currencies while we print like mad? Get a quick pop on our currency at the expense of some poor s.o.b and print more...