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Fitch Downgrades Ireland From AA- To A+, Outlook Negative
After much posturing, Fitch has finally downgraded Ireland from AA- to A+, with a negative outlook. Net result: bund spread blows out to 415, up 5bps on the day, and will likely continue blowing out. We expect the FinMin to hold another conference call with Citi to reassure everyone how nothing is fucked here, which this time will be recorded by everyone in anticipation of another "mute button malfunction." Elsewhere Irish consumer confidence has plunged from 61.4 to 52.4. The two are speculated to be related.
From Reuters
Fitch Ratings downgraded Ireland's credit rating to A+ from AA- and put it on a negative outlook, pointing to the bigger-than-expected cost of cleaning up the country's banks and uncertainty over economic recovery.
"The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government's recapitalization of the Irish banks, especially Anglo Irish Bank," Fitch said in a statement on Wednesday.
"The negative outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort."
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And futures steadily climb afterwards. Fuck it. Seriously, just fuck it at this point.
What does it matter Tyler. We have QE coming, everything is going to be fine. Soverign defaults don't matter, the markets don't care. The only thing that counts anymore is the fact that helicopter Ben is going to buy more stocks. Everything else is irrelevant.
Yeah, at this point Boilermaker, fuck it. Maybe when gas is $4.50 a gallon again someone will fucking care.
If only my teachers graded me the same way. I could have been on the honor role.
Role?
Ironically, it was poor spelling that kept him off the Honors Roll.
Bawhahahaha - QE2 will save the world buy everything! Shit it worked for Weinmar Germany and Zimbabwe !
Yeah man. In know this one guy in Zimbabwe and he became, like, a trillionaire overnight. If it worked for him, it can work for us!
Hey, I knew that guy too!!
After he became a trillionaire could he afford to replace his broken hoe to make life easier working that 4'x4' potato patch he called home?
No, but c'mon man, he was only a Trillionaire!
But who downgrades Fitch?
Good thing Ireland followed the standard neoliberal advice to destroy its own economy with austerity in an effort to balance their budget. Meanwhile, Ireland is bailing out its banks, relieving the bankers of their bad loans while the bankers keep the profits. Nothing like the Free Market. Rob from the taxpayer and give to the Ubers. Anglo American crony capitalism at its best.
Ireland should have followed Iceland.
Glad to see they are ahead of the curve.
For anyone interested in the Irish situation David McWilliams talks a lot of sense:
http://www.davidmcwilliams.ie/2010/09/15/governments-dithering-is-strangling-recovery-hopes
http://www.davidmcwilliams.ie/2010/09/20/capital-punishment-for-all
http://www.davidmcwilliams.ie/2010/09/22/high-bond-rates-will-leave-us-an-economic-wasteland-2
http://www.davidmcwilliams.ie/2010/09/27/recovery-is-going-to-be-local
http://www.davidmcwilliams.ie/2010/09/29/we-must-face-reality-and-end-bank-guarantee
http://www.davidmcwilliams.ie/2010/10/04/no-hope-for-blind-optimism
nobody expected that ...
"When Irish eyes are smiling all the world is bright and gay"!
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