Fitch says Greek referendum is a threat to Eurozone financial stability

Discussion in 'Wall St. News' started by ASusilovic, Nov 1, 2011.

  1. Greeks say, "We ain't interested in no austerity".

    Of course not. No tit-sucking parasite likes to have his lifeline cut off and be forced to find a legit way to support himself.

    The Greeks can't seem to get the message... "When everybody tries to suck from the government tit, it soon runs dry."

    (We got the same problem in the US, too, you know... just not as extreme... YET!)
  2. I believe Fitch and the others are a threat.
  3. "Shoot the messenger" is your solution?
  4. The premier’s move also dismayed Athens bankers, who said it could delay preparations for Greek and foreign investors to take a 50 per haircut on their holdings of Greek bonds, reducing the country’s debt by €100bn as part of the new bail-out deal. The complex process involving Greek debt managers, international and domestic investors and the US-based International Institute of Finance had been expected to take at least two months.

    “This could all fall apart… some bondholders who have been planning to participate are likely to pull out because of increased uncertainty ahead,” an Athens-based banker said.

    Get out now. Store your money in a safe haven. Good luck.
  5. jd7419


  6. The only thing left is that the referendum has to be approved by Greece´ president Karolos Papoulias.
  7. The Dutch Labour party said it would not support last week’s summit deal if the Greeks insisted on a referendum, threatening to derail a Dutch parliamentary vote tonight to rubber-stamp the agreement.
  8. Rating agencies have missed on all most major defaults in the last 20 years, either sovereigns or private. They have rated Greek debt A until Dec 2009. Actually Fitch was the first of all agenciy crap to cut Greece below A.

    They are holding France rating to AAA right this moment despite its 3 largest banks are holding 20% of Greek debt and 15% of Italian debt, despite an 87% debt/GDP, unmployment 9.5% (May 2011).

    Rating agencies are politically controlled and their criteria are not set in stone. They are the kind of messenger that sticks a target on the next company to short or the next country to kill. The primary target has been Greece so far, next is Italy. Nothing to do with real economy.