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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 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

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

Fri, 11/25/2011 - 13:47 | Link to Comment 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 | Link to Comment 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 | Link to Comment The 100 Trillio...
The 100 Trillion Dollar Man's picture

Are they being held as collateral?

Fri, 11/25/2011 - 15:48 | Link to Comment Manthong
Manthong's picture

How so?

They are already levered 60x. 

Fri, 11/25/2011 - 13:57 | Link to Comment 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 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Corzine's using them as human shields.

Fri, 11/25/2011 - 14:23 | Link to Comment sabra1
sabra1's picture

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

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

Ya.

The parents in this case need Baby Sitting.

Fri, 11/25/2011 - 13:53 | Link to Comment 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 | Link to Comment 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 | Link to Comment Fips_OnTheSpot
Fips_OnTheSpot's picture

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

Fri, 11/25/2011 - 13:41 | Link to Comment redpill
redpill's picture

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

Fri, 11/25/2011 - 13:43 | Link to Comment dereksatkinson
dereksatkinson's picture

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

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

The real question is when do they outlaw credit reporting?

Fri, 11/25/2011 - 13:48 | Link to Comment chunga
chunga's picture

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

Fri, 11/25/2011 - 13:53 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment CORNGUY
CORNGUY's picture

CASH HOARDING!!!!

Fri, 11/25/2011 - 13:45 | Link to Comment 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 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Furious Fiat Fail, Bitchez!

Fri, 11/25/2011 - 13:43 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Reverse Apache ...
Reverse Apache Master's picture

Don't forget the pedophiles.

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

And great beer......

Fri, 11/25/2011 - 13:57 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment sabra1
sabra1's picture

even european batteries have been downgraded from AAA to AA!

Fri, 11/25/2011 - 13:46 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cursive
Cursive's picture

The circle gets smaller as it circles the toilet bowl.

Fri, 11/25/2011 - 13:50 | Link to Comment Banksters
Banksters's picture

The wheels are coming off now, 

 

BITCHEZZZZZZZ!

 

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

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

Hey permabulls, just wonderin....is that bullish?

Fri, 11/25/2011 - 14:20 | Link to Comment 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 | Link to Comment Eireann go Brach
Eireann go Brach's picture

Belgian Waffles still AAA, French female armpits -CCC

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

 French female armpits -BO....

Fri, 11/25/2011 - 13:48 | Link to Comment 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 | Link to Comment SheepDog-One
SheepDog-One's picture

Dang! No WAY!

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

CNBC,Smart like rock.

Fri, 11/25/2011 - 13:48 | Link to Comment 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 | Link to Comment ramblinon
ramblinon's picture

Caveat emptor, bitchez!

Fri, 11/25/2011 - 13:51 | Link to Comment 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 | Link to Comment rufusbird
rufusbird's picture

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

Fri, 11/25/2011 - 13:55 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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.

 

zero

 

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.

http://www.counterpunch.org/2011/11/24/meet-the-global-ruling-class-2/

Fri, 11/25/2011 - 16:22 | Link to Comment 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 | Link to Comment Dugald
Dugald's picture

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

Fri, 11/25/2011 - 13:49 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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)

http://confoundedinterest.wordpress.com


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

Is it now time to sell my Belgian chocolate reserves?

Fri, 11/25/2011 - 13:59 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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)

http://confoundedinterest.wordpress.com

Fri, 11/25/2011 - 13:59 | Link to Comment Tom_333
Tom_333's picture

Contagion!...Pepperspray contagion...

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

breaking news:  sodden_debt has been arrested!

Fri, 11/25/2011 - 14:22 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment lolmao500
lolmao500's picture

Next they man up and downgrade France and America again.

Fri, 11/25/2011 - 14:20 | Link to Comment 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 | Link to Comment 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 | Link to Comment oogs66
oogs66's picture

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

Fri, 11/25/2011 - 15:02 | Link to Comment 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 | Link to Comment 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 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

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

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

Do NOT follow this link or you will be banned from the site!