And (Long Overdue) Scene: Belgium Downgraded By S&P From AA+ To AA, Outlook Negative

Tyler Durden's picture

The dominos are now falling daily, if not hourly. We give AustriAAA a few days at the most.

Just as we hinted earlier in the week when the Dexia deal started to crumble, it seems a major driver of the downgrade is the country's financial sector risk.

The spread between Blegium and France has legged wider as Dexia has deteriorated - its seems if there is any risk transfer this will change but at this rate, only France will be capable (and even then not really).

And as a comparison, here are the German, French, Belgian, and Italian yield curves.

Chart: Bloomberg

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GeneMarchbanks's picture

End of trading day in Europe... now it's time for the real news.

Socrate's picture

It will be very promising the next week :) I can not wait for European markets to reopen.

CORNGUY's picture

Can anybody tell me why I am seeing (via CNBC) children on the floor of the NYSE?    Jesus, I'd rather have my kid alone in a smoke filled bar with ppl that work for the city.....;.It would pry be safer for them.

The 100 Trillion Dollar Man's picture

Are they being held as collateral?

Manthong's picture

How so?

They are already levered 60x. 

GeneMarchbanks's picture

"Look Jimmy, these are the people that have sold your generation to the Chinese. On we go the Capitol building to see the other half of America's finest, come along now..."

Schmuck Raker's picture

Corzine's using them as human shields.

sabra1's picture

those are the oldidorks grandkids being shown how to screw the 99%ers!

Bansters-in-my- feces's picture


The parents in this case need Baby Sitting.

The Big Ching-aso's picture



"When all else fails it's time for more bunga bunga!"

Sylvio 'Bunga Bunga' Berlusconi, 11/25/11, Emeritus In Exile

Buck Johnson's picture

I have a feeling that next week will be a killer for sure.

Fips_OnTheSpot's picture

The world's outlook is negative - after all... BITCHEZ!

redpill's picture

If no one is AAA anymore, does that mean AA is the new AAA?

dereksatkinson's picture

No.  It just means gold is the only AAA asset left.

Long-John-Silver's picture

The real question is when do they outlaw credit reporting?

chunga's picture

I expect some ratings agency execs to get pepper sprayed any day now. It will be "for their own good"

Long-John-Silver's picture

Hear about the woman pepper spraying people in line ahead of her for the deals she wanted?

Battle for Black Friday deals includes pepper spray, shootings

The Big Ching-aso's picture



That's the kind of determined gal to do your last minute shopping for you.

Abitdodgie's picture

Whats wrong with her use of pepper spray the police use it all the time and no one gives a shit , hell she should have a tazer, dead sheeple are good sheeple

chunga's picture

Yup. Too funny. I heard a report that somebody was at Dick's Sporting Goods at 5:00 AM. Place was empty except for the firearms dept.

GeneMarchbanks's picture

That would put the EFSF back in the run which would really make this a farce. So the answer is.. probably.

Long-John-Silver's picture

Furious Fiat Fail, Bitchez!

The Limerick King's picture



The ratings are falling like rain

Unleashing some Eurozone pain

But what can I say

About French triple A

The CRAs may be insane


Reverse Apache Master's picture

Don't stop believing...cut to black.


At least they'll always have van Damme.

The Big Ching-aso's picture



And they still make wonderful gold-foiled covered chocolates and truffles.

The Big Ching-aso's picture



Let's not forget their waffles.   Where would the world be without their waffles.

Manthong's picture

Every time I close down the bar, I stumble over to their house for breakfast.

fatjohn's picture

There´s also Tintin and the smurfs. Maybe the hollywood movies will bump album sales and thus Belgiums economy. I´m going long. Future is bright.

sabra1's picture

even european batteries have been downgraded from AAA to AA!

Long-John-Silver's picture

I've never understood why AAA batteries are smaller than AA batteries.

SheepDog-One's picture

And where are the B batteries? They have A and C.

I guess its because asking for BBBBBbatteries could get a bit confusing and silly.

Bansters-in-my- feces's picture

If this is true,how come the dildo's there are getting bigger...?

And who will fuck them next....?

So many questions,

So few A's........

Cursive's picture

The circle gets smaller as it circles the toilet bowl.

Banksters's picture

The wheels are coming off now, 




Wars = Force Majeure...  Just a matter of time.

SheepDog-One's picture

Hey permabulls, just that bullish?

Gief Gold Plox's picture

Yes, yes it is. Absolutely everything is bullshit. Oh, wait, bullish... erm... I'm sure it is for Robo in some sick yet to be announced way.

Eireann go Brach's picture

Belgian Waffles still AAA, French female armpits -CCC

CORNGUY's picture

CNBC is reporting that S&P downgraded Belgium due to concerns over financial stability.


No Shit

Franken_Stein's picture

There is a cognitive dissonance with Tyler that I cannot resolve.


On the one hand he has declared the ratings agencies to be a total farce, on the other hand he jubilantly and rejoicingly announces every and any of their downgrades.


There is something fishy here, something seems just not right.

lolmao500's picture

The ratings agencies are full of it, but they are, now and then, leaking some of the truth...

rufusbird's picture

The preacher gets excited every time one of his sinners converts...

SheepDog-One's picture

Well Franken, the markets are also a farce, but I'll also rather see them red then on another full-retard tear up.

Dr. Engali's picture

My view is that we want them to do their job. If they do what we know to be true then they should be acknowledged for doing the right thing. When they maintain the bullshit either for fees or to keep from making waves then they should be called out.