Euro plunges as Spain’s debt downgraded

[ryangti]

The euro plunged and US stock markets dived last night after Spain was stripped of its top-level credit rating by a leading rating agency over concerns about its economic growth.

Just great!
http://business.timesonline.co.uk/tol/business/markets/europe/article7139449.ece

[ryangti]

Lisbon next with cuts i get the idea that unrest in europe is spreading.
The rally was the first outpouring of popular discontent after the government announced additional austerity measures such as tax hikes, pay and spending cuts on May 13.

Yet in the uk no strikes no outcry as of yet.
http://uk.reuters.com/article/idUKTRE64S1MY20100529

[Abyssal_Worm]

The euro plunged and US stock markets dived last night after Spain was stripped of its top-level credit rating by a leading rating agency over concerns about its economic growth.

Just great!
http://business.timesonline.co.uk/tol/business/markets/europe/article7139449.ece

Meh...Futures are down, but who cares about that? Very few investors mess with futures and those who do are typically panic and fear mongers anyway. Any ground lost when the markets re-open after the holiday will be made up within a week. And the game will continue...

[Raptor Witness]

Imagine what will happen to the Euro when Iceland's volcanoes, really get going.

I smell doom across the red pond.

[ryangti]

It seems another problem could rise medicines.
Another Danish pharmaceutical company has withdrawn products from Greece in protest at the government's decision to cut the prices of medicines by 25%.

I now see health implications so its now swings and roundabouts.
Could we see a complete breakdown of all known services.
http://news.bbc.co.uk/1/hi/world/europe/10193799.stm

As we also know cigarettes are bad for your health and yet we now buy more and less and smokers cut back on magazines, chocolate and soft drinks instead.
Not what you would expect but what else or pleasure will be left?
http://www.news.com.au/business/business-owner/cigarette-tax-choking-corner-shops-as-smokers-cut-back/story-e6frfm5i-1225872975412

These health issues will rise over time the nanny state telling us what to do will go out of the window?

[pico]

I have seen an article where people in Greece are paying the equivalent of $1,700 USD per troy ounce of gold, as there is such a limited supply of the yellow stuff over there and no one wants to be holding Euros and greek bonds these days. That is a huge premium, well in excess of the spot price not much over $1,200. I think it starts with Greece, and ends with the US and China both in dire straits.

[ryangti]

THE sovereign debt crisis in Europe shows that the world's economic woes are "far from over" and highlights the need for reforms, the vice chairman of the World Economic Forum said.

I think he could be right!
http://www.news.com.au/breaking-news/european-debt-crisis-shows-world-troubles-far-from-over/story-e6frfku0-1225873275744

[Raptor Witness]

A few nights ago I had a disturbing dream that was set in Greece. It's very unusual for me to dream of traveling this way.

[Greece urged to give up euro] (http://business.timesonline.co.uk/tol/business/economics/article7140270.ece) - London Times - May 30, 2010

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Greek politicians have played down the prospect of abandoning the euro, which could lead to the break-up of the single currency ... cont at link above.

[ryangti]

I can see more european countries giving up the euro as well.
The US warned Germany today that Berlin’s much-trumpeted crackdown on the financial sector should not be allowed to jeopardise economic recovery.
http://business.timesonline.co.uk/tol/business/economics/article7138337.ece

It looks as though America is now concerned as well.

[Raptor Witness]

The U.S. cannot afford to have the Euro collapse, because the instability this would create, will quickly destabilize the entire world.

However, nothing can stop what is about to happen. My dream is pretty easy to interpret. It's going to get ugly, fast, and the powers that be won't be in charge, much longer.


http://www.youtube.com/watch?v=VKNSmw8jdBY

[TC]

ummm I live in a EU country that doesn't use the Euro, and the rate of exchange hasn't dropped dramatically over the last few weeks. So Its not being reflected as a crises yet. Don't forget, bad news sells...

[Blu-ray]

I need to find the article but Greece has been advised they should drop the Euro and go with their own currency again.

[Blu-ray]

A few nights ago I had a disturbing dream that was set in Greece. It's very unusual for me to dream of traveling this way.

[Greece urged to give up euro] (http://business.timesonline.co.uk/tol/business/economics/article7140270.ece) - London Times - May 30, 2010

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Greek politicians have played down the prospect of abandoning the euro, which could lead to the break-up of the single currency ... cont at link above.

It was already posted I see...


I need to find the article but Greece has been advised they should drop the Euro and go with their own currency again.

^^^^ BWAHAHAHAHAHAAAAA Idiot! ^^^^