Euro Crisis in One !

Just read a report on the Euro credit rating on the BBC site.......

But Fitch said: "Relative to non-euro area 'AAA' peers, notably the US and the UK, the risk from contingent liabilities from an intensification of the eurozone crisis is greater in light of its commitments to the European Financial Stability Facility and the European Stability Mechanism, as well as indirectly from French banks that are less strong than previously assessed as reflected in recent negative rating actions by Fitch."

Well its blooming simply obvious when you put it like that ! :D

 

It means:-
"Buy USD & £Stg. because the Euro is sinking"

 

That`s easy for Fitch to say.

 

Fitch are world leaders in the "Umbrella" code of practice. Below is a snipped from their Code of Conduct

Ratings assigned by Fitch are opinions based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. Ratings are not facts, and therefore cannot be described as being "accurate" or "inaccurate". Users should refer to the definition of each individual rating for guidance on the dimensions of risk covered by such rating.

I think it means "We are not wrong, but if we are not accurate, it's not our fault"

 

Isn`t Fitch the company that started the global depression 4 years ago?:D Perhaps we should all degrade THEIR rating.:yess::yess::yess:

 

I don't know what the French are moaning about - Fitch is French owned. I think the French have just shot themselves in the pied.

 

The economic crisis in USA which started with the deregulations of financial institutions in 2000 and gradually worsened until the collapse in 2008, (We are enjoying the consequences still today), is an excellent example of rating agencies which were supposed to do their job in recommending reputable financial deals, but were just playing with their customers.

I am afraid corruption is everywhere today and one can only trust family...

 

UK's debt? 950% of GDP

UK's debt? 950% of GDP, page 1

 

re-hypothecation

Keiser Report 223: Möbius Strip of Fraud - YouTube