Europe debt crisis spreads to Portugal

[cory777]

Source: AP

Nicholas Paphitis and Pan Pylas, Associated Press Writers, On Wednesday April 28, 2010, 1:27 am

ATHENS (AP) -- Greece was pushed to the brink of a financial abyss and started dragging another eurozone country -- Portugal -- down with it, fueling fears of a continent-wide debt meltdown.

Stocks around the world tanked after ratings agency Standard & Poor's on Tuesday downgraded Greek bonds to junk status and downgraded Portugese bonds two notches, showing investors that Greece's financial contagion is spreading.

Major European exchanges fell more than 2.5 percent, and on Wall Street, the Dow Jones industrial average finished down 213 points, or 1.9 percent. The euro slid more than 1 percent to nearly an eight-month low.

Renewed worries about Greece's debt problems spread to Asia Wednesday, sending stock markets broadly lower following sharp declines in the U.S. and Europe.

Read more: http://finance.yahoo.com/news/Europe-debt-crisis-spreads-to-apf-533469454.html?x=0&sec=topStories&pos=2&asset=&ccode=

[aquart]

1. Did they shop at Goldman Sachs?

[wroberts189]

4. Yep...

http://www.businessweek.com/news/2010-02-16/goldman-sachs-greece-didn-t-disclose-swap-investors-fooled-.html

Feb. 17 (Bloomberg) -- Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.

[dipsydoodle]

2. Portugal was already down

In financial circles 4 European countries are known by the acronym PIGS : Portugal, Ireland, Greece and Spain. They all have high exposure.

[Dark]

3. I heard Italy is pretty bad now too.

nt

[dipsydoodle]

5. That's another letter I

They don't bother to duplicate.

BTW The USA in reality is in equal merde propped up only by the fact the US$ is a reserve currency and is also able to print fiat money willy nilly due to the petrodollar recycling program.

[iandhr]

6. The PIIGS nations

Portugal Ireland, Italy, Grease.

I feel sorry for Europeans.

But I am currently studying aboard in France. And since the Eruo dropped in value. It was $1.43 to 1 euro when I got here in January it 1.33 now so things are cheaper for me.

[iandhr]

7. oh sorry

for got Spain thats the S

[fasttense]

8. Didn't Portugal pay large enough fees to Standard & Poor?

S&P sure gave Goldman's trash triple A ratings but now they don't extend the same favor to Portugal. Portugal needs to increase their bribes to the the rating agency.

[JCMach1]

9. Ireland is also in horrible shape...

[Odin2005]

10. Oh shit, IT'S SPREADING!

:scared:

[CountAllVotes]

11. spreading ... it has been bad for a long time

in Ireland, I know that much! :( :( :(

:kick: & recommend.