Moody's Downgrades Ireland From Baa3 To Junk

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Tue, 07/12/2011 - 15:32 | 1449022 bania
bania's picture

Just downgrade it to Juncker and be done with it!

Tue, 07/12/2011 - 15:32 | 1449023 The Axe
The Axe's picture

Hey...I resemble that remark

Tue, 07/12/2011 - 15:36 | 1449033 kaiten
kaiten's picture

Mhmm, so they downgraded Ireland now, because she could need more financial aid in 2013. Yeah, that makes a lot sense to me ...

Just more euro-bashing to push euro down(and dollar up), so that the QE3 could commence.

Tue, 07/12/2011 - 15:52 | 1449138 Sudden Debt
Sudden Debt's picture

It's to late for Ireland. QE3 won't make it in time. They're toast.

They'll default in 1 to 3 months.

check out their 10yr.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

13.3%

Just waint untill tomorrows markets will open. Even the Chinese Knights won't be able to save that maiden.

 

Tue, 07/12/2011 - 16:08 | 1449215 kaiten
kaiten's picture

Ireland is financed through EFSF, who cares about 10yr yield? it´s just statistics

Tue, 07/12/2011 - 16:23 | 1449260 Sudden Debt
Sudden Debt's picture

Actually...

your right...

But the stock market doesn't :)

In 12 hours, when the european markets open, we'll know for sure.

Tue, 07/12/2011 - 16:26 | 1449278 magpie
magpie's picture

So how many liras does the EFSF need for bella Italia ?

Funny that i experienced day-on-day 40 % inflation at the bakers today, so i am prepared for everything.

Tue, 07/12/2011 - 16:31 | 1449302 kaiten
kaiten's picture

Italy doesnt need any EFSF financing. When QE3 begins, all Italy´s "troubles" will be forgotten.

Italy´s budget deficit for this year: 3,9% (of GDP)

US budget deficit for this year: 10% (of GDP)

Tue, 07/12/2011 - 16:53 | 1449419 kaiten
kaiten's picture

The irish 10y yield is above 10% for some time already. I dont think the "market" will suddendly start noticing any more than before :) But as you said, we´ll see tomorrow.

Tue, 07/12/2011 - 16:57 | 1449440 r101958
r101958's picture

No, they downgraded Ireland to prop up the delusion here in the U.S. and to make treasuries more attractive.

Tue, 07/12/2011 - 17:05 | 1449476 Ghordius
Ghordius's picture

The Italian Show not interesting enough?

Tue, 07/12/2011 - 15:33 | 1449034 Atomizer
Atomizer's picture

Uh no, they've got me lucky charms.

Tue, 07/12/2011 - 15:35 | 1449035 SheepDog-One
SheepDog-One's picture

Dang, time to fire up the printing presses obviously! QE is the answer, cant these people observe what The Great Bernank has done to such great success?

Excuse me, I gotta go buy me some bubble stawks...I got a hankerin.

Tue, 07/12/2011 - 15:42 | 1449084 Cdad
Cdad's picture

Europe is fixed...Europe isn't fixed...Europe is fixed...Europe isn't fixed.

And all the while, the presumed direction of the "stawk" market is up.

What a joke.  Banker desperation rising....

Tue, 07/12/2011 - 15:35 | 1449037 mayhem_korner
mayhem_korner's picture

Long Bailey's.

Tue, 07/12/2011 - 15:36 | 1449045 youngman
youngman's picture

Its the "I" week...Italy and Ireland...next week is P week....Portugal....then S...Spain...then U..USA..then back to G..Greece

Tue, 07/12/2011 - 15:54 | 1449142 Sudden Debt
Sudden Debt's picture

No black swan untill then?

 

Tue, 07/12/2011 - 15:37 | 1449049 treemagnet
treemagnet's picture

"Junk" is such a harsh word.  They should use something more like "Dubious".

Tue, 07/12/2011 - 15:47 | 1449113 hambone
hambone's picture

"ambiguous"

or maybe

"shit out of luck"

Tue, 07/12/2011 - 16:00 | 1449175 fockewulf190
fockewulf190's picture

"ain´t worth a shit" may be more lke it.

Tue, 07/12/2011 - 15:37 | 1449050 Stuart
Stuart's picture

Sure, pick on the little guys.   Given their complicity in the MBS fiasco, the fact that people still act on their ratings is astounding.   In any event, one wonders if S&P, Moodys etc... would be so pressured by Geithner et al, to keep the market and media focus on Europe, downgrade them..do anything, just keep the bond market over there rattled so that enough scared ants make their way over here, ensuring Uncle Sam gets his fill of Treasury bids.  That would be a little too cynical, right?   No one would ever orchestrate anything like that.   Amazing Italy is up now, just when there's a pending budget battle in Washington.... amazing timing, always.

 

 

Tue, 07/12/2011 - 15:41 | 1449078 sabra1
sabra1's picture

am sure that china now owns enough european debt to do likewise to the U.S.!

Tue, 07/12/2011 - 15:38 | 1449052 vote_libertaria...
vote_libertarian_party's picture

Isn't 'junk' good?  Like the Black Eyed Peas song?

 

 

Tue, 07/12/2011 - 15:43 | 1449088 camoes
camoes's picture

Nobody wants to touch this junk....except for TSA, they love to touch and fondle junk and smell used diapers

Tue, 07/12/2011 - 15:52 | 1449057 etrader
etrader's picture

Moodys may as well down grade RBS , LYG  & the UK while their at it....

Tue, 07/12/2011 - 15:39 | 1449063 golfrattt
golfrattt's picture

Who's left to downgrade, anyway..??

Somalia, Monaco maybe...??

Tue, 07/12/2011 - 15:40 | 1449067 zorba THE GREEK
zorba THE GREEK's picture

 It seems me that negative events are occurring at a much faster pace now than just a few weeks ago.

 At this rate the whole Ponzi could unravel this summer. I was really hoping we could make it to the fall.

 It seemed more fitting that "the fall" would happen in the fall. 

Tue, 07/12/2011 - 16:24 | 1449268 MisterMousePotato
MisterMousePotato's picture

I, too, have been sensing a quickening. The last week, and especially yesterday, I just felt like things were teetering, barely staying upright. Today, not quite so much, but there was really something about yesterday that made me think, "This time, it's different."

Tue, 07/12/2011 - 15:40 | 1449070 shortnotgold
shortnotgold's picture

rubbish

 

Tue, 07/12/2011 - 15:41 | 1449075 traderjoe
traderjoe's picture

As if the Ponzi survives until 2013...normalcy bias...

I bet we have bank holidays before then...

Tue, 07/12/2011 - 15:41 | 1449077 swissinv
swissinv's picture

probability mood(ys) tree:

 

EU    ------ unchanged

 -----

        ------ downgrade

 

US    ------ upgrade

 -----

        ------ unchanged

 

 

Tue, 07/12/2011 - 15:42 | 1449082 zebra
zebra's picture

junk everyone and DJI goes to 20000

Tue, 07/12/2011 - 16:58 | 1449445 r101958
r101958's picture

correction: 'junk everyone else'

Tue, 07/12/2011 - 15:43 | 1449089 Helena Bonham-Carter
Helena Bonham-Carter's picture

Robes and furr'd gowns hide all. Plate sin with gold,

And the strong lance of justice hurtless breaks;

Arm it in rags, a pygmy's straw does pierce it.

Tue, 07/12/2011 - 15:43 | 1449090 caerus
caerus's picture

long jameson

Tue, 07/12/2011 - 16:30 | 1449297 Sgt.Sausage
Sgt.Sausage's picture

Longer Bushmills

 

Tue, 07/12/2011 - 18:07 | 1449669 caerus
caerus's picture

Hear, hear!

 

A statesman is an easy man, he tells his lies by rote.  A journalist invents his lies, and rams them down your throat.  So stay at home and drink your beer and let the neighbors vote.

- W.B. Yeats


Tue, 07/12/2011 - 15:45 | 1449106 the not so migh...
the not so mighty maximiza's picture

Reggie downgraded to junk weeks ago.

Tue, 07/12/2011 - 15:46 | 1449109 sabra1
sabra1's picture

OT:

WASHINGTON – China secured its first top-level management post in the International Monetary Fund on Tuesday, in a move that recognizes Beijing’s growing clout in the global economy.

New IMF Managing Director Christine Lagarde named Chinese economist Min Zhu, a former deputy governor of the People’s Bank of China and a special adviser to the fund, to a newly-created deputy managing director post.

She also said White House adviser David Lipton will succeed John Lipsky when he steps down as the fund’s No. 2 official at the end of August.

Tue, 07/12/2011 - 15:49 | 1449120 Watts_D_Matter
Watts_D_Matter's picture

I would say Ireland should be rated....Drunk

Tue, 07/12/2011 - 16:02 | 1449181 Strider52
Strider52's picture

I can definitely say Ireland should be rated "Expensive". I just got back from Ireland a week ago. Prices have tripled in some places - and don't even bother to rent a car - they will rip you off terribly. Bring a camcorder and film the entire transaction with the car rental company, or face a bunch of charges you later have to have removed. Use an Amex card and you can have the bogus charges removed easily.

 Lodging, food, transpo - everything is geared to take the tourist to the cleaners. They are broke. I saw one place, not even in an airport, that featured a cheesburger, chips (fries) and a coke - for 13 Euros. That's over $18 US.

  We won't be going back for a while, if ever. But hey, 4 times is enough, right?

Tue, 07/12/2011 - 16:07 | 1449213 Dreadker
Dreadker's picture

Its not expensive.... Its just the dollar ain't worth crap anymore lol

Tue, 07/12/2011 - 16:09 | 1449222 Herbert_guthrie
Herbert_guthrie's picture

If ever my flow of Guinness is cut off, my real "depression" begins.....

Tue, 07/12/2011 - 16:16 | 1449245 Grimbert
Grimbert's picture

Ireland has always been expensive - I have always paid 30-50% more for beer in Dublin than in England, and I've been going regularly for the last 20 years.

 

If anything over the last 2 years prices have fallen as imports from the UK have become cheaper and the Irish have had pay cuts

 

 

Tue, 07/12/2011 - 16:20 | 1449254 redguard
redguard's picture

Strider, what month and year is your avatar. Thanx

Tue, 07/12/2011 - 16:44 | 1449377 dcb
dcb's picture

I am sorry, that is not correct, as every central banker will tell you a country can't have inflation with an output gap and high unemployment. (JUst kidding I hate when they say such stupid crap that isn't true over and over again). krugman as well!!!

Tue, 07/12/2011 - 21:39 | 1450169 EFNuttin
EFNuttin's picture

Interviewed an Irishman recently here in the USA.  After years of working outside of Ireland, the Celtic Tiger phase had enabled all six siblings to come home and work near their parents.  Due to the Crash, the diaspora is on again and this bloke is desperate to escape Ireland and so long to the family.  

Guinness is too dear for me to hoist it these days.  Lord, just give me one more boom and I swear I won't blow it this time.

Tue, 07/12/2011 - 15:50 | 1449124 DonutBoy
DonutBoy's picture

Iceland is the model.  Banks or citiziens, pick one.

Tue, 07/12/2011 - 16:10 | 1449227 Herbert_guthrie
Herbert_guthrie's picture

Maybe if they would have chose "banks", the volcanoes would not have got so pissed off.

Tue, 07/12/2011 - 15:50 | 1449127 Archimedes
Archimedes's picture

We seem to always bash the leaders of these countries and always talk about how the people suffer by their actions that cater to the bankers.

But didn't the people elect these corrupt officials? Didn't the sheeple (Sorry, I mean people) allow leader after leader to slowly take away all of their wealth and give it to the financial elite?

Did the Irish people not vote out a Political Party a few months ago and vote for a party that was against the bailouts? And once that said Party was voted into office they turned around and accepted the bailouts! Yet not one politician was injured, killed, fire bombed, house burnt to the ground etc. The people just bent over and took it.

You get the Government you vote for. Stupid people have been led to the slaughter for 1,000's of years and today is no different. This is not just for Ireland but the entire Western World.

Fortunately there are a few smart people who read Zero Hedge and other truth organizations and can prepare.

Over the past four years I have felt like that Children's Fable Aesop "The Ant and the Grasshopper". I have steadily been accumulated for the long hard Winter ahead while the Grasshopper frolic. Time will tell....

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