Citing uncertainty over the country's ability to meet 'austerity' targets and its rising susceptibility to external shocks - given its heavy reliance on external investors -
Moody's just downgraded Hungary to Junk Ba1 (with a negative outlook).
LIBOR SCANDAL on page 22
ILLUMINATI behind global government, globalism is the 666 Beast System
Many FACTS are conspiracy, but not theory.
WHAT is the driving force behind the new world order?
Its the same as satan long ago - "I" want to be God
February 7, 2012 Paul McGuire, NewsWithViews.com
When we talk about the NWO, that is the 666 New World Order, globalism, illuminati, UN, and pretty much ALL organizations today including most churches.
The destruction of the American economy and the USdollar did not happen by accident.
It was a planned event, like the demise of the euro etc.
There is [color=darkred]no energy crisis and there are vast oil reserves in the United States and around the world.
There isNO real food shortage, only the manipulation of crops through genetically altered seeds and artificial shortages for the purpose of population control.
Everything we see around us is manufactured crisis, created to bring about a one world government.
Every major crisis for 100 years has been the work of globalists guided by occult forces like the Illuminati.
Nations are collapsing fast.
November 25, 2011 Friday
World Stock markets are DOWN on a lot of bad financial news
Spain, Ireland, Portugal, Greece and Italy ditched their government this year
Hungary junked by Moodys due to its rising susceptibility to external shocks.
Fitch downgraded Portugal rating to junk status.
Japan in jeopardy
23 November 2011
Arguably the least biased (or perhaps least cognitively dissonant) of the major ratings agencies,
China's Dagong has just moved Portugal's rating to junk (BB+) from comfortably investment grade (BBB+) - a 3 notch drop.
The rating agency also left the peripheral nation on negative watch.
This action follows Monday's Greek downgrade from C to CCC.
Is this a ploy for better entry levels when they save the world with their EFSF-buying bazooka?
Or more likely a more honest reflection of a debt-laden, slow-growing, austerity-facing nation burdened with inadequate leadership and an inability to control its own fate?
Germany faces Eurogeddon
Death of a currency as eurogeddon approaches
It's time to think what hitherto markets have regarded as unthinkable – that the euro really is on its last legs.
24 Nov 2011
They need to wake up fast; it's happening before their very eyes. In its current form, the single currency may always have been doomed, but it has been greatly helped on its way by an extraordinarily inept series of policy errors.
The defining moment was the fiasco over Wednesday's bund auction, reinforced on Thursday by the spectacle of German sovereign bond yields rising above those of the UK.
If you are tempted to think this another vote of confidence by international investors in the UK, don't. It's actually got virtually nothing to do with us. Nor in truth does it have much to do with the idea that Germany will eventually get saddled with liability for periphery nation debts, thereby undermining its own creditworthiness.
No, what this is about is the markets starting to bet on what was previously a minority view - a complete collapse, or break-up, of the euro.
Up until the past few days, it has remained just about possible to go along with the idea that ultimately Germany would bow to pressure and do whatever might be required to save the single currency.
The prevailing view was that the German Chancellor didn't really mean what she was saying, or was only saying it to placate German voters.
When finally she came to peer over the precipice, she would retreat from her hard line position and compromise.
Self interest alone would force Germany to act.
But there comes a point in every crisis where the consensus suddenly shatters. That's what has just occurred, and with good reason.
In recent days, it has become plain as a pike staff that the lady's not for turning.
This has caused remaining international confidence in the euro to evaporate, and even German bunds to lose their "risk free" status. The crisis is no longer confined to the sinners of the south. Suddenly, no-one wants to hold euro denominated assets of any variety, and that includes what had previously been thought the eurozone safe haven of German bunds.
Belgium credit rating downgraded by S&P
25 November 2011 Belgium has had its credit rating downgraded by ratings agency Standard & Poor's.
The country's downgrade could make it more expensive for Belgium to borrow in future.
Belgium's rating was cut by one notch, to AA from AA+, with S&P expressing concerns about funding and market pressures.
The move comes as the eurozone crisis threatens to keep growing, and with continued concerns over Italian debt.
S&P said the outlook was "negative", meaning Belgium's rating could possibly be cut further in future.
France, Spain, Belgium 5-year CDS widen to record
25 November 2011 MarketWatch
The cost of insuring European sovereign debt against default rose to record highs for France, Spain and Belgium in early trading Friday amid concerns that politicians are still a long way from resolving the euro-zone debt crisis.
Around 0800 GMT, five-year credit default swaps spreads on France, Belgium and Spain all pushed to fresh records, according to data-provider Markit.
France's five-year CDS spread widened two basis points to 250 basis points, while Spain's five-year CDS widened 16 basis points to 495 basis points.
Belgium's CDS widened one basis point to 395 basis points. It has now widened 69 basis points since last Friday.
Italy saw its five-year CDS jump 30 basis points to 583 basis points, closing in on its record high 587 basis points set Nov. 15.
Germany's CDS widened four basis points to 113 basis points. It is now just three basis points from its record high set Oct. 4.
Portugal's widened 10 basis points to 1,110 basis points after Fitch Thursday downgraded its credit rating to junk status.
Greece's CDS spread was one basis point wider at 63 basis points upfront, which means sellers of default protection are demanding a deposit at the inception of a trade to cover the country's deteriorating credit risk.
11/25/11 The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor's 500 index fell 4.7 percent.
Both had their worst weeks since Sept. 23.
The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow's 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.
Major indexes wavered throughout Friday's session, which was shortened because it's the day after Thanksgiving. Worries about Europe's debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are increasingly hesitant to lend to European countries.
The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.
Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government's ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.
11/25/11 BRUSSELS (Reuters) - Euro zone states may ditch plans to impose losses on private bondholders
should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday.
Discussions are taking place against a backdrop of flagging market confidence in the region's debt and as part of wider negotiations over introducing stricter fiscal rules to the EU treaty.
Euro zone powerhouse Germany is insisting on tighter budgets and private sector involvement (NYSEArca:PSI) in bailouts as a precondition for deeper economic integration among euro zone countries.
Commercial banks and insurance companies are still expected to take a hit on their holdings of Greek sovereign bonds as part of the second bailout package being finalized for Athens.
But clauses relating to PSI in the statutes of the European Stability Mechanism (ESM) - the permanent facility scheduled to start operating from July 2013 - could be withdrawn, with the majority of euro zone states now opposed to them.
November 26, 2011 Saturday
Single currency collapse unless Germany and the ECB move quickly
Euro zone hurtles towards a crash.
The chances of the euro zone being smashed apart have risen alarmingly.
A euro break-up would cause the worlds most financially integrated region to be ripped apart by defaults, bank failures and the imposition of capital controls.
The euro zone could shatter into different pieces, or a large block in the north and a fragmented south.
Amid the recriminations and broken treaties after the failure of the euro, wild currency swings between
those in the core and those in the periphery would almost certainly bring the single market to a shuddering halt. The survival of the EU itself would be in doubt.
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November 20th, 2011 Jeff Taylor
The staunch Europhile ex deputy prime minister and long term supporter of the Euro, Lord Heseltine, said on the BBC’s Politics Show that “I think we will join the Euro”.
This declaration by the Tory Grandee comes straight after the German finance minister, Wolfgang Schauble, said last week that the UK would join the single currency “faster than people think”.
Lord Heseltine said that, even though it had problems, the ‘chances are’ that the Euro would survive due to the sheer determination of the Germans and the French to maintain its ‘cohesiveness’.
The UKIP leader, Nigel Farage, also speaking on the Politics Show, responded by saying that the Mediterranean countries should leave the Euro.
‘The whole thing is failing.’ He said ‘It is going to break up’.
But actually both may well be right.
The Euro in its current form will almost certainly fail, but out of the ashes the French and Germans would create a new ‘Super-Euro’,
a more powerful Eurozone that does not have the weaker countries’ economies holding it back.
And that is the real danger for the UK.
Banks Build Contingency for Breakup of the Euro 11/26/11
For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.
But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.
On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.
While European leaders still say there is no need to draw up a Plan B, some of the world’s biggest banks, and their supervisors, are doing just that.
“We cannot be, and are not, complacent on this front,” Andrew Bailey, a regulator at Britain’s Financial Services Authority, said this week. “We must not ignore the prospect of a disorderly departure of some countries from the euro zone,” he said.
South Korea repeats warning on slowing economy
5 December 2011 - Seoul MarketWatch
South Korean Finance Minister Bahk Jae-wan on Tuesday repeated a warning about slowing growth for Asia's fourth-largest economy and
called for a decisive plan from the European summit later this week to quell the current global crisis.
Mexican GDP outlook deteriorates, survey shows
5 December 2011 - Mexico City MarketWatch
The outlook for Mexican economic growth next year is worsening, while inflation expectations are ticking up for this year and 2012,
according to the results of a survey among private economists published Monday by Citigroup Inc. unit Banamex.
Latvia Bank Run December 12, 2011
Latvia largest bank is scrambling to contain a run among depositors fearing imminent collapse.
False rumors behind it that ATMs in Sweden were shut down, Swedbank operations in Estonia closed, and the bank Latvian chief executive has been arrested.
Swedbank said the bank is functioning normally and all depositors will have access to their funds via bank machines.
One large Latvia bank is being liquidated after regulators uncovered massive fraud.
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Euro falls to lowest level since January - Investors await Federal Reserve statement on rates, monetary policy
12 December 2011 The dollar turned up against the euro on Tuesday following reports that German Chancellor Angela Merkel frowned upon the notion of increasing the size of Europe’s permanent bailout fund.
“Any toxic euro rhetoric continues to bring a slew of sellers off the sidelines,” said Dean Popplewell, chief currency strategist at Oanda Corp.
The dollar index , which measures the performance of the greenback against a basket of six currencies, turned up to 79.975 from 79.533 in late North American trading.
The euro fell to $1.3087, down from around $1.32 earlier and versus $1.3188 on Monday.
Merkel rejected raising the lending limit for the European Stability Mechanism, according to Dow Jones Newswires.
The ESM “currently stands at 500 billion euros, which is unlikely to be enough to cover Spain and Italy if they need to retreat from the bond markets,”
said Kathleen Brooks, research director at Forex.com
Euro falls to 11-month low amid debt worries
Dec. 14/11 Stock markets in Europe tumbled again Wednesday as the common currency, saddled by the continent's debt crisis, fell to an 11-month low against the U.S. dollar.
The euro sagged 0.5 per cent to $1.2975 US by mid-afternoon, the first time it has traded under $1.30 since January, in a fresh sign that Europe's deal last week to enforce more budgetary disciplines on the 17 eurozone countries is meeting with skepticism in the markets.
The major continental stock markets fared poorly. Germany's DAX index closed down 1.7 per cent, while the CAC-40 in Paris dropped 3.3 per cent. London's FTSE 100 was off 1.1 per cent.
Meanwhile, Europe's unresolved debt crisis kept the pressure on its indebted governments, with Italian borrowing costs rising again. The Italian government paid 6.47 per cent interest to borrow €3 billion ($4 billion Cdn) for five years at a bond auction, up from 6.30 per cent just a month ago.
"It was no secret to anyone that the currency union would run into these problems sooner or later. It’s amazing it took so long to rupture," Bank of Montreal chief economist Sherry Cooper wrote in a note.
ECB cut growth view on debt-crisis uncertainty
15 December 2011 The euro-zone debt crisis poses a substantial threat to the region's economic prospects, the European Central Bank said Thursday, elaborating on its decision to lower its growth forecasts.
Financial market tensions could intensify and may spill over to the real economy, the ECB said Thursday in its monthly report.
Slower-than-expected global growth poses a further risk to economic growth, it added.
The ECB expects inflation in the coming months to remain above its target of just under 2%.
But inflation will slow below 2% in the course of next year on weaker growth, while cost and wage pressures will remain modest.
Risks to that price development outlook are broadly balanced, with an upside risk lying further tax increases needed for fiscal consolidation and the downside risk related to weaker-than-expected growth, the ECB said.
The report mostly reiterated the growth and inflation projections and comments made by ECB President Mario Draghi after the ECB cut its benchmark rate last week.
Fitch downgrades issuer default ratings at 6 banks
15 December 2011 Fitch Ratings on Thursday downgraded the issuer default ratings and viability ratings at six banks and just the viability ratings at two others.
Fitch downgraded the long-term issuer default ratings and viability ratings of:
Disaster Losses Hit Record Levels in 2011
December 16, 2011 The disasters that plagued the globe this year will send 2011 into the record books as the most costly year for catastrophes on record.
Japan's powerful tsunami, earthquakes in New Zealand, floods in Thailand and a series of severe tornadoes in the U.S. all contributed to $350 billion in disaster losses, according to a new estimate from reinsurance company Swiss Re AG.
The long list of calamities crippled factories and cut supply chains, rippling through the world's economies. In Christchurch, New Zealand, entire city blocks remain uninhabitable; in Alabama and Missouri, neighborhoods have been wiped off the map.
Insurance and reinsurance companies are likely to shoulder about $108 billion of the losses, though the tally could creep higher, Swiss Re said.
The insurance industry's burden would have been greater except for the relatively low uptake for earthquake and tsunami coverage in Japan, where the government, businesses and individual homeowners are footing the bulk of the bill. To a lesser degree, the same was true in August's Hurricane Irene, where wind damage in the U.S. was covered—but flooding, in many places, was not.
Comprehensive euro zone deal beyond reach - Fitch
A comprehensive solution to the euro zone debt crisis is beyond the region's reach, rating agency Fitch said, warning that six of its economies including Italy and Spain could be hit with credit downgrades in the near future.
The warning late Friday, the second time in two weeks that the bloc has been threatened with multiple ratings markdowns, heightened pressure on leaders to get to grips with the turmoil.
Fitch also said it might also cut AAA-rated France within two years and urged the European Central Bank to take a more active firefighting role.
One ECB policymaker said Saturday that time was running out to come up with solutions to a crisis that could spark a global slump. Another said the bank would not expand the bond buying program it launched to keep a lid on vulnerable states' debt costs.
Underscoring tensions within the bloc, a week after a key EU summit failed to reassure financial markets the crisis was being tackled, Italy's Prime Minister Mario Monti urged EU policymakers Friday to beware of dividing the continent.
Moody's Turns to Canada, Ontario Outlook Revised To Negative, "Softening Economic Outlook" Cited
15 December 2011 And so the focus shifts to the quietest neighborhood on the block:
"The negative [Moody's] outlook on the province [of Ontario] reflects the softening economic outlook, Ontario's growing debt burden, and the extended timeframe to achieving a balanced budget."
What's next: someone dares to question the stability of Canadian banks which as we it turns out may have a few hundred billion in hyper-rehypo assets (Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets),
Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging)) pledged there... and there... and there... and so, ad inf.
Belgium cut by Moody's
December 17, 2011 BRUSSELS (Reuters)
The downgrade of Belgium's credit rating by agency Moody's underlines the need to cut the budget deficit next year to 2.8 percent of GDP as agreed by the ruling coalition, Belgian Finance Minister Steven Vanackere said on Saturday.
While the deficit target and measures to reach it have been agreed by Belgium's six-party ruling coalition, economists expect more austerity steps may be necessary given a weakening economic outlook for the country and the euro zone as a whole.
Vanackere told Reuters in an interview that if periodic checks during 2012 showed Belgium was off course to achieve the target, new measures would be implemented.
"The 2.8 percent will be achieved. If growth estimates are downgraded in March, that will of course imply new measures to guarantee the result of 2.8 percent," he said.
Moody's cut Belgium's rating by two notches late on Friday to Aa3 from Aa1, citing deteriorating financing conditions in the euro zone, risks to economic growth and the costs of bailouts of banks such as Dexia (DEXI.BR).
5 Hungarian banks downgraded by Moodys
16 December 2011 Moody's Investors Services lowered the deposit and debt ratings on five Hungarian banks, citing the quicker-than-expected deterioration of asset quality, increasing pressure on profitability and capital as well as a risk of weakening in the parent banks' commitment to Hungarian operations.
The ratings firm lowered the standalone ratings on K&H Bank, FHB Mortgage Bank, Erste Bank Hungary and MKB Bank. It also lowered the parental support uplift in the deposit ratings of K&H and Budapest Bank by one notch. All the banks carry a negative outlook.
Moody's said the level of non-performing loans in the banks' portfolios will continue to rise throughout 2012 due to turbulent economic conditions and the significant loan restructuring in the system.
Eurozone to pursue crisis action, Fitch doubts outcome
December 18, 2011 BRUSSELS (Reuters) - The euro zone will tackle its debt crisis this week by offering more cash to the IMF and long-term liquidity to banks, while moving toward tighter fiscal rules, after ratings agency Fitch cast doubt on its capacity to respond decisively.
"We all know that Europe has not been able to convince markets that its governance set-up and its measures against the crisis were enough,"
Italian Deputy Economy Minister Vittorio Grilli said in a newspaper interview published Sunday.
"More integration and more effective instruments are needed. We are not yet there," he told Il Sole 24 Ore.
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