S&P Warns May Downgrade Portugal Again As Early As This Week

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
4xaddict's picture

you can do iiiiiiitt!

Id fight Gandhi's picture

Market yawns.

Should shoot the 10yr to 12 soon.

Hope there's no bailout

Harlequin001's picture

They're a bit late, obviously trying to catch up...

jkruffin's picture

Just default and get it over with Geeeezzzz....wtf?

Anyone who has a clue already knows the PIIGS are going to default.  All they have been doing for the past 2 years is trying to buy time to figure another scam out to keep the game going. Default and get it over with and stop letting the rating agencies look as though they have a clue. They have to get back to their porn..

Ray1968's picture

They can't default. How else can you keep the children and grand-children (and the yet to be born) into the bondage of tax slavery for the benefits of the bankers????????

A Man without Qualities's picture

If they default, it will suddenly expose what lies in the nooks and crannies of the great global extend and pretend game.  The bankers keep saying you can't let defaults happen, it would be just too terrible, but the ordinary people are tiring of the bullshit.  Problem is, they don't realize just how insolvent the whole system is and how much wealth has been stripped out by the financial sector, hidden behind accounting tricks, derivatives and outright deceit.  

In fact, the only way to hide the years of theft is to destroy the currency, thus rendering valuations meaningless.

Sudden Debt's picture

downgrade against who?

The US?

The rest of Europe?

 

 

Careless Whisper's picture

well ireland is playing hardball. tells bondholders it's haircut time.

http://www.businessinsider.com/ireland-bondholder-haircuts-2011-3

and this kid sez: get your drink on, and your new irish haircut

lucky charms and guiness. i eat this stuff for breakfast, lunch, and dinner. you got a problem with that?

http://www.youtube.com/watch?v=MOGQTKGs-uk

 

tallen's picture

S&P should just downgrade them to junk along with all the other PIIGS. It's a joke. Just prolong it for ages. I mean who seriously thought portugal was A-. I mean quality standards are really dropping somewhat.

 

S&P are probably getting massive payouts by the investment banks to keep them at these massively high ratings while they buy all the CDs they can.

Urban Redneck's picture

"Lastly, we anticipate that Portuguese banks' capitalization will remain stable, with the likely reduction of risk-weighted assets (RWA) as the deleveraging progresses compensating the banks' weak earnings generation."

 

And what happens to the bank's capitalization if LCH Clearnet hikes margin requirements on Portuguese debt???

jkruffin's picture

Isn't it ironic the PIIGS will default in the exact order of their acronym?

web bot's picture

So when the #uck does the US get downgraded? It is impossible for the US to represent 1/3 of the global economy, have its on-book debt obligation approaching 100% of GDP with unfunded liabilities of approx $79 Trillion ($79,000,000,000,000.00), and have Trillion dollar+ deficits for the next 5 to 10 years and still retain a AAA rating.

Factor out the reserve currency story and we wouldn't have a AAA rating... and you think things are not being manipulated? The US is the proverbial drunk uncle at the wedding that everyone is ignoring... until he steps out into the open.

 

jkruffin's picture

$79 trillion?   Try $113 trillion...

mdwagner's picture

Try $387 zillion...  That means about as much.

Harlequin001's picture

speaks volumes about the rating agencies...

and to think your highly paid bond fund managers relied almost exclusively on them for their CDO DD...

web bot's picture

Depends on your math... but I'll take your number.

boricuadigm-shift's picture

Many negative news in the world for quite some time.  Independent of what happens in this world, we got to resonate on a higuer vibration:

 

Must read article - Very Interesting... What are you going to do?

2012 as the end of a cosmic cycle

http://myemail.constantcontact.com/2012-as-the-end-of-a-Cosmic-Cycle---M...

"Two very opposite incidents, one filled with violence that shocked the world and the other with the hope of peace, the end the conflicts and off a better world. The scientists connected to the Heart Math Institute came with a hypothesis and it is: "stronger collective emotion has some measurable impact on the magnetic fields of the ...earth"."
Josephine29's picture

Just in case anybody had forgotten her this is the week of the Irish banking stress tests. Many now seem to be clustering around the thoughts that Notayesmanseconomics has been expressing for quite some time.

I wrote a while back that the Chairman of Anglo-Irish Bank had reported that he felt that the 35 billion Euros set aside in the EU/ECB/IMF rescue plan would not be enough and more would be needed. I still feel that he had no reason to misrepresent the numbers as he was a new appointment and appeared to gain little from exaggeration.

http://t.co/OgFGZzk

 

The Euro zone is hotting up again is it not?