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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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Fri, 11/25/2011 - 13:40 | 1913278 GeneMarchbanks
GeneMarchbanks's picture

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

Fri, 11/25/2011 - 13:47 | 1913312 Socrate
Socrate's picture

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

Fri, 11/25/2011 - 13:52 | 1913327 CORNGUY
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.

Fri, 11/25/2011 - 13:55 | 1913347 The 100 Trillio...
The 100 Trillion Dollar Man's picture

Are they being held as collateral?

Fri, 11/25/2011 - 15:48 | 1913681 Manthong
Manthong's picture

How so?

They are already levered 60x. 

Fri, 11/25/2011 - 13:57 | 1913357 GeneMarchbanks
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..."

Fri, 11/25/2011 - 14:04 | 1913380 Schmuck Raker
Schmuck Raker's picture

Corzine's using them as human shields.

Fri, 11/25/2011 - 14:23 | 1913455 sabra1
sabra1's picture

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

Fri, 11/25/2011 - 16:02 | 1913711 Bansters-in-my-...
Bansters-in-my- feces's picture


The parents in this case need Baby Sitting.

Fri, 11/25/2011 - 13:53 | 1913333 The Big Ching-aso
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

Fri, 11/25/2011 - 21:49 | 1914323 Buck Johnson
Buck Johnson's picture

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

Fri, 11/25/2011 - 13:40 | 1913282 Fips_OnTheSpot
Fips_OnTheSpot's picture

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

Fri, 11/25/2011 - 13:41 | 1913286 redpill
redpill's picture

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

Fri, 11/25/2011 - 13:43 | 1913291 dereksatkinson
dereksatkinson's picture

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

Fri, 11/25/2011 - 13:43 | 1913292 Long-John-Silver
Long-John-Silver's picture

The real question is when do they outlaw credit reporting?

Fri, 11/25/2011 - 13:48 | 1913315 chunga
chunga's picture

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

Fri, 11/25/2011 - 13:53 | 1913336 Long-John-Silver
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

Fri, 11/25/2011 - 13:56 | 1913348 The Big Ching-aso
The Big Ching-aso's picture



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

Fri, 11/25/2011 - 13:59 | 1913361 Abitdodgie
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

Fri, 11/25/2011 - 14:26 | 1913466 chunga
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.

Fri, 11/25/2011 - 13:44 | 1913297 CORNGUY
CORNGUY's picture


Fri, 11/25/2011 - 13:45 | 1913299 GeneMarchbanks
GeneMarchbanks's picture

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

Fri, 11/25/2011 - 13:42 | 1913288 Long-John-Silver
Long-John-Silver's picture

Furious Fiat Fail, Bitchez!

Fri, 11/25/2011 - 13:43 | 1913290 The Limerick King
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


Fri, 11/25/2011 - 13:44 | 1913296 Reverse Apache ...
Reverse Apache Master's picture

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


At least they'll always have van Damme.

Fri, 11/25/2011 - 13:49 | 1913316 The Big Ching-aso
The Big Ching-aso's picture



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

Fri, 11/25/2011 - 13:52 | 1913335 Reverse Apache ...
Reverse Apache Master's picture

Don't forget the pedophiles.

Fri, 11/25/2011 - 13:55 | 1913346 Desert Irish
Desert Irish's picture

And great beer......

Fri, 11/25/2011 - 13:57 | 1913358 The Big Ching-aso
The Big Ching-aso's picture



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

Fri, 11/25/2011 - 15:52 | 1913689 Manthong
Manthong's picture

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

Sun, 11/27/2011 - 08:57 | 1917181 fatjohn
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.

Fri, 11/25/2011 - 13:45 | 1913298 sabra1
sabra1's picture

even european batteries have been downgraded from AAA to AA!

Fri, 11/25/2011 - 13:46 | 1913306 Long-John-Silver
Long-John-Silver's picture

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

Fri, 11/25/2011 - 13:58 | 1913341 SheepDog-One
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.

Fri, 11/25/2011 - 16:08 | 1913731 Bansters-in-my-...
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........

Fri, 11/25/2011 - 13:45 | 1913300 Cursive
Cursive's picture

The circle gets smaller as it circles the toilet bowl.

Fri, 11/25/2011 - 13:50 | 1913301 Banksters
Banksters's picture

The wheels are coming off now, 




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

Fri, 11/25/2011 - 13:46 | 1913304 SheepDog-One
SheepDog-One's picture

Hey permabulls, just that bullish?

Fri, 11/25/2011 - 14:20 | 1913439 Gief Gold Plox
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.

Fri, 11/25/2011 - 13:46 | 1913305 Eireann go Brach
Eireann go Brach's picture

Belgian Waffles still AAA, French female armpits -CCC

Fri, 11/25/2011 - 22:41 | 1914437 Tijuana Donkey Show
Tijuana Donkey Show's picture

 French female armpits -BO....

Fri, 11/25/2011 - 13:48 | 1913313 CORNGUY
CORNGUY's picture

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


No Shit

Fri, 11/25/2011 - 13:54 | 1913342 SheepDog-One
SheepDog-One's picture

Dang! No WAY!

Fri, 11/25/2011 - 16:12 | 1913743 Bansters-in-my-...
Bansters-in-my- feces's picture

CNBC,Smart like rock.

Fri, 11/25/2011 - 13:48 | 1913314 Franken_Stein
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.

Fri, 11/25/2011 - 13:51 | 1913322 ramblinon
ramblinon's picture

Caveat emptor, bitchez!

Fri, 11/25/2011 - 13:51 | 1913326 lolmao500
lolmao500's picture

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

Fri, 11/25/2011 - 13:53 | 1913331 rufusbird
rufusbird's picture

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

Fri, 11/25/2011 - 13:55 | 1913350 SheepDog-One
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.

Fri, 11/25/2011 - 13:55 | 1913351 Dr. Engali
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.

Fri, 11/25/2011 - 13:56 | 1913353 SMG
SMG's picture

I think rejoicing is from the ratings agencies actually having to admit in a small way that the sovereign finances are getting worse, even though they don't want to.  It is still a farce in that the true credit ratings should be much much lower. 

Fri, 11/25/2011 - 13:56 | 1913355 fonzanoon
fonzanoon's picture

It's like the ratings agencies are the referress in a fixed game. You hate them but you can't help but rejoice the few times the call goes your way.

Fri, 11/25/2011 - 14:12 | 1913413 jcaz
jcaz's picture

Franken, it really has more to do with the fact that you're a flaming idiot, rather than any spin you "think" Tyler puts on anything he reports.......

Keep posting, tho-  it's like watching a black hole........

Fri, 11/25/2011 - 14:25 | 1913461 4horse
4horse's picture

Their Stable has all Four-in-One: as for you . . . you've only ever had hobson's choice

there is no eenie. Only Meanie

likewise there's never been a mine either, although minus is close

as for mo . . . over 300yrs of it under them, The Big Momentum increases to the extent that-- false choices, as with its underlying dialectic, hegelian or otherwise, {although a shizophrenic Is stuck with its dissociative splits|and whispering antitheses} again and again do seem to arise just before each and every Post-Time --every bookie,bettor,tout&tipster believes in any such a thing as a stakesrace at Rothschildt Downs . . . round'n'round, a mere merry-go-round, it's long-past time to know that when it comes to anything close to racing, roulette or runnin-in-circles in all their own casinos, totally owned, there are No numbers, entries, chances nor thoroughbreds, double-negative, beyond 1. Big Winner.




otherwise, denying the obvious, keep betting it's an itsy-bitsy teenie-weenie . . . and you have eenie odds


__It's Now Post Time: nonetheless__
The message is: bond ratings are a reflection of how well a local government successfully suppresses working class and popular revolt.
That is lesson 1.

Fri, 11/25/2011 - 16:22 | 1913772 Bansters-in-my-...
Bansters-in-my- feces's picture

Tyler is right in saying the rating agencies are a farce.

And reporting on the Agencies  rating Downgrade,well ,Tyler just is reporting Facts......

It's a finacial blog Bozo.


Fri, 11/25/2011 - 19:05 | 1914069 Dugald
Dugald's picture

Shush, you will upset someone, the obvious is showing through the camo....

Fri, 11/25/2011 - 13:49 | 1913320 Tsar Pointless
Tsar Pointless's picture

When Black Friday comes
I'll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
When Black Friday falls you know it's got to be
Don't let it fall on me
When Black Friday comes
I'll fly down to Muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do but feed
All the kangaroos
When Black Friday comes I'll be on that hill
You know I will

When Black Friday comes
I'm gonna dig myself a hole
Gonna lay down in it 'til
I satisfy my soul
Gonna let the world pass by me
The Archbishop's gonna sanctify me
And if he don't come across
I'm gonna let it roll
When Black Friday comes
I'm gonna stake my claim
I'll guess I'll change my name

Sat, 11/26/2011 - 21:58 | 1916490 StychoKiller
StychoKiller's picture

When Black Friday comes
I'm gonna dig myself a hole
Gonna lay down in it 'til
I satisfy my soul


Hmm, is a grave plot a hole in the ground, or a plan?

Fri, 11/25/2011 - 13:51 | 1913324 Snakeeyes
Snakeeyes's picture

And Belgian attempts to break into the "Sick Sevens"!

Europe's Sick Sevens - Sovereign 10 Year Debt Yields Above 7% (And Spain Teetering on the Brink)

Fri, 11/25/2011 - 13:52 | 1913328 stant
stant's picture

maybe thier gov can step in say the numbers are wrong , oh wait a sec they dont have one like the us. think ill dust off the old rebel flag. get ahead of the break up coming here. yeah bit out of context but ya gota start somewhere

Fri, 11/25/2011 - 13:52 | 1913330 Reverse Apache ...
Reverse Apache Master's picture

Is it now time to sell my Belgian chocolate reserves?

Fri, 11/25/2011 - 13:59 | 1913364 The 100 Trillio...
The 100 Trillion Dollar Man's picture

I'll swap them for 25% of their NPV (if you haven't licked them!)

Fri, 11/25/2011 - 13:54 | 1913343 Seasmoke
Seasmoke's picture

this is the same as color Orange alert on the terrorist watch......Confusing and meaningless

Fri, 11/25/2011 - 13:56 | 1913356 SheepDog-One
SheepDog-One's picture

The message seems clear enough to me...get the fuck out of paper.

Fri, 11/25/2011 - 13:57 | 1913360 Snakeeyes
Snakeeyes's picture

And what about Portugal, Italy, Hungary, Poland, Spain, South Africa, Belgium, Ireland, .....????????????

Europe's "Sick Sevens" - Sovereign 10 Year Debt Yields Above 7% (And Spain. Belgium Teetering on the Brink)

Fri, 11/25/2011 - 13:59 | 1913365 Tom_333
Tom_333's picture

Contagion!...Pepperspray contagion...

Fri, 11/25/2011 - 14:04 | 1913382 slewie the pi-rat
slewie the pi-rat's picture

breaking news:  sodden_debt has been arrested!

Fri, 11/25/2011 - 14:22 | 1913449 Gief Gold Plox
Gief Gold Plox's picture

Damn it! On what grounds!? I demand to know. I love that avatar and want it back!

Fri, 11/25/2011 - 14:53 | 1913540 slewie the pi-rat
slewie the pi-rat's picture

interpol arrested him for fringe blogging...

and...he confessed!

Fri, 11/25/2011 - 14:06 | 1913392 TomB
TomB's picture

Meanwhile Belgian politicians are encouraging citizens to buy Belgian debt at a significant discount compared to Belgian debt yields on the secondary market.

Belgian sheeple have so far committed 518 million EUR, making it the most succesful auction since 1998.

The amount of noise in the media about this new debt offering aimed at regular citizens was quite stunning. Very nicely executed propaganda, although smart people will realize half a billion is next to nothing compared to the 80 billion EUR the government will have to auction next year.

Fri, 11/25/2011 - 14:11 | 1913411 lolmao500
lolmao500's picture

Next they man up and downgrade France and America again.

Fri, 11/25/2011 - 14:20 | 1913437 JustObserving
JustObserving's picture

Last time when Deven Sharma was man enough, he got unceremoniously booted from his CEO position.  The instinct for self preservation is acute on Wall Street

Fri, 11/25/2011 - 14:21 | 1913438 JustObserving
JustObserving's picture

No one will be man enough to try it again for a couple of years - Land of the Free, Home of the Brave

Fri, 11/25/2011 - 14:17 | 1913425 oogs66
oogs66's picture

any chance the market is crashed before we even wake up on Monday?

Fri, 11/25/2011 - 15:02 | 1913570 slewie the pi-rat
slewie the pi-rat's picture

hey, oogZ!

first the bad news:  it's between slim & none, and slim is eating his 2nd turkey sandwich

the good news is that i'm almost always completely wrong!

Sat, 11/26/2011 - 22:00 | 1916498 StychoKiller
StychoKiller's picture

Hmm, if a man is talking in the forest and a woman isn't around to hear him, is he still wrong? :>D

Fri, 11/25/2011 - 15:59 | 1913706 Bansters-in-my-...
Bansters-in-my- feces's picture

So I guess next up is "Temporary Suspension" of Rating Agencies.

"Mark to Model" Ratings......

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