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Fitch Roundtrips On Greece, Re-Downgrades Country
And.... roundtrip.
- From March 13: Fitch upgraded Greece's credit rating by one notch to B- following a successful debt swap finalised this week that erased some €100 billion from the country's crippling debt
- From May 17: Fitch Ratings-London-17 May 2012: Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'CCC' from 'B-'. The Short-term foreign currency IDR has also been downgraded to 'C' from 'B'. At the same time, the agency has revised the Country Ceiling to 'B-'. The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU). The strong showing of 'anti-austerity' parties in the 6 May parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for the EU-IMF EUR173bn programme.
It would be laughable if it wasn't so... nevermind, it is laughable.
What is notable is that now that the ECB, the IIF, the IMF, and Troika, and virtually everyone has failed at getting Greece to blink, the rating agencies are getting involved:
Fitch would place all eurozone sovereign ratings on Rating Watch Negative (RWN) following the Greek elections if Fitch assesses that the risk of a Greek exit from EMU is probable in the near term
In other words, nobody vote Syriza, or the eurozone that all you Greeks are so diligently transferring your deposits to, gets it next.
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Soon they'll have to invent new investment grades for the South of Europe.
Less than Zero.
Senator John Kerry must be Fitch's lead analyst. "I was for it before I was against it."
How do say "Hopey-Changey!" and YES, We Can!" in Greek?
It sounds just like "fuck".
His middle name is forbes.
...new investment grades...
Real-time second-derivative trading instruments, so we can "invest" in them, soon followed by the ETFs, and then leveraged ETFs...
...or maybe we already have that in CDS?
"...or maybe we already have that in CDS?"
I used to have it on LP, then I added it (again) when it came out in cassette and recently I upgraded everything to CDs for the.....er.....quality.
So yeah, I have it on CD(S).
:)
Bakalva Grade.
Tastes great until you slip into a diabetic coma.
Ouzo Grade.
Unique flavor of investment that offers only a small portion of people satisfaction partaking in it.
The rest of investors recognize it for what it is. A disgusting shot that magically appears near the end of the night.
Lamb Grade.
Fucked, Fleeced, Butchered, turned into condoms and then priced out of the market for poor quality cutlets.
Disco Grade.
Overpriced service for a tiny area to dance. Must be as Swarthy as a Silverback to enter the club though. This applies to men and "handsome" women.
Not a bad time to be working for a ratings agency.
Imagine the frequent flyer miles !
Greece is gone and they know it.
Greece has a "rating" LMFAO!!! More desparate paper-pushing financial terrorists. Fuck them.
I think Greek Bonds and the soon to be introduced Drachma are grade A - when used as Wallpaper and Fish Wrap
How much are these pricks at Fitch paid for Gods sake?
Gisajob...
Wait until the new "TP+" rating comes out - softer than Charmin...
http://www.bloomberg.com/news/2012-05-16/mary-kennedy-dead-lawyer-says-i...
My queen of disco Donna Summer died at 63. RIP.... I will see you soon.
USA to follow soon.
I wonder if Mr Panos actually gives a fuck
tze german schnitzelfaces fell right into the trap, genius genius
Greece downgraded?! Son of a Fitch!
I need one of those old RoboTrader pics to put next to today's AZO chart and life would be perfect.
As any ZH'er knows: It's not just the situation with Greece and Fitch that's laughable...it's the whole God Damn financial system.
O/T...just saw a headline that HP is considering 25,000 job cuts.
...and they won't later announce the 25k new hires outside the US...
... And magically, because of people dropping out of the work force, we will have an unemployment of 7% and a soon to be announced weekly address with Uncle Obama where he gesticulates wildly and claims all the credit.
Remove "Look" and "Let me be clear" from his vocabulary and Hopey won't be able to start a sentence.
Fitch has always been Johnny-On-The-Spot ... remember this gem?
I just LOVE trips down memory lane.
Sing us a song, you're the piano man.
http://www.youtube.com/watch?v=LH6h-Kr7kBI
Default! Crash the fraud market, jail Bernanke!
Well to be fair, no one could have possible seen this coming, right? Like seriously who knew Greece was in bad shape?...
Not even the Greeks knew.....so ya can't blame me for not knowing.
I mean....its not like it was common knowledge......right?
http://capital3x.com/think-tank/missing-out/
Portfolio
Fuck off, crapital3x spammer.
http://www.zerohedge.com/search/user_comments?name=zonetraders
those Ratings Agencies are real sharp cookies
...it's a bit like getting blind people to judge a beauty contest
... if the blind people were on the payroll of the beauty contestants ...
Hmmmm perhaps they are sharper than you think...
Someone big who got stuck holding that CCC bag got out with a less of a loss once Fitch upgraded them for 5 minutes only to let more suckers in!! LMAO
ROTFLMAO@RATINGS FIRMS!!
Still, they are only about 2 years behind the curve of reality... Greece has been "D" all along!!
They dare not downgrade the US of A though! LMAO
Not without mentally girding themselves for 1 thousand Iowa farmboys toting AR's breaking down the front door and arresting everyone.
The rating agencies are a joke. Downgrades are supposed to be on a prospective basis. Upgrades are supposed to be on a retrospective basis, after the improvement has seasoned.
that changed when rating derivatives became a HUGELY profitable and competitive business for them ... have you ever tried biting the hand that feeds you? ...
How is it possible that the European Union allows the weak states to enter the international money market and borrow the money they need without help – based on their own potentials? How is it possible that the “chain” of interests of euro can let its weak “links” exposed to outside pressures? How is it possible for a “herd” with common interests to let each “ship” defend itself against the wolves, without help, and its general security threatened? How is it possible for Greece, which represents a minor 3% of the Eurozone’s economy, to be allowed to threaten the other 97% of that economy, due to the latter’s weakness?
The European Union should be the one borrowing from the national banking system – thus dealing with profiteers itself based on its overall potential – not its weak “links” alone. The latter should be under the EU’s protection and constant monitoring. They should borrow from it at a subsequent time and if they became victims of profiteering, the problem should be kept in the bosom of the euro. Domestic profiteering should bring profits to Europe’s influentials, therefore bring profits in the euro area, and not threaten it.
From the Wall Street Crash of 1929 to the Global Financial Crisis of 2007
www.eamb-ydrohoos.blogspot.com/2010/02/ten-plagues-of-pharaoh.html
Authored by Panagiotis Traianou
Thank goodness I "hedged" (wink-wink) my Greek bond investments with credit default swaps indexed to tranches of Cayman Islands real estate rentals and luxury yacht charters.
Wadell and Reed: Where are you!
Meanwhile somewhere in the Iberian peninsula...
WSJ
What's the point of credit ratings when a country that has already defaulted rates above the default-class grade?
Ratings agencies, now there's a sector with a lot of integrity huh? These guys are the bestest, really really good at turning in-depth analysis into a meaningless and limited series of capital letters - very impressive stuff. They were especially good with there ratings just prior to the meltdown in '08, I think Lehmen was a triple Aer as were other compnay's like Washington Mutual. Who really gives a shit what they say?
It is unfortunate that such BS fro these firms is so relevant. I'm not saying these ratings aren't legitimate just that the company's have no integrity and do nothing more then generate opinions based on how the opinion is paid for! Everytime I hear that they are changing ratings I wonder who paid for those changes, its really disgusting and the three firms should be shut down and have criminal charges brought against the employess involved in the wholesale lying in 2005-2008. Claw back every penny that was collected by the company and by the individuals over that period - then shut their ass down and let new entities evolve out of the free freagin' market.