Share on Google Plus Share on Twitter 1 Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
OpEdNews Op Eds

The New Normal: Economic Weakness and Decline

By       Message Stephen Lendman     Permalink
      (Page 1 of 4 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 1/18/12

Author 194
Become a Fan
  (191 fans)
- Advertisement -

The New Normal: Economic Weakness and Decline - by Stephen Lendman

Europe and America are declining while Asia rises.

- Advertisement -

On Friday, S & P cut credit ratings for nine EU countries, including France, Italy, Spain, Austria, Portugal, Malta, Slovenia, Slovakia and Cyprus. It was old news but not good. 

France was downgraded from AAA to AA+.

So was Austria.

Italy fell two levels from A to BBB+.

- Advertisement -

Spain was lowered two levels from AA- to A.

Portugal fell two levels to BB.

Cyprus was lowered two levels.

Malta, Slovakia and Slovenia were downgraded one level.

On January 16, S&P also cut the European Financial Stability Facility's (EFSF) credit rating given added pressure on nations to fund it, saying:

"We consider that credit enhancements that would offset what we view as the now-reduced creditworthiness of the EFSF's guarantors and securities backing the EFSF's issues are currently not in place."

"We have therefore lowered to AA+ the issuer credit of the EFSF, as well as the issue ratings on its long-term debt securities."

- Advertisement -

In early December, S & P put 15 EU countries on credit watch. Fourteen remain there suggesting more cuts coming. Especially troubled nations include Portugal, Italy, Ireland, Greece, and Spain. As they go, so go others, including economic powerhouse Germany. Increasingly it looks weak. So does Britain. 

The same day, talks between Greece and major creditors collapsed. They want higher returns in return for taking a 50% haircut on worthless junk. It's reflected in one-year Greek bonds. They yield 396% annually if they're around that long.

Hungary's also troubled. Its bonds are rated junk. Western European lenders control 80% of Hungarian banking. They caused the nation's troubles. Prime Minister Viktor Orban wants more financial control, and why not. Western exploitation wrecked the economy.

Next Page  1  |  2  |  3  |  4

 

- Advertisement -

View Ratings | Rate It

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert