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| Europe |
| BelgiumÂ’s Credit Rating Lowered to AA |
| 2011-11-26 |
| h/t Instapundit BelgiumÂ’s credit rating was cut one step to AA by Standard & PoorÂ’s, which said bank guarantees, lack of policy consensus and slowing growth will make it difficult to reduce the euro regionÂ’s fifth-highest debt load. Somebody been talking about North vs. South? |
| Posted by:g(r)omgoru |
| #4 At the same time, Portugal and Hungary have been downgraded to junk status. |
| Posted by: Anonymoose 2011-11-26 17:40 |
| #3 Belgian parties reach 2012 budget deal BELGIAN politicians reached a deal on the 2012 budget today, ending a 19-month deadlock that had prevented the formation of a stable government and led to a debt downgrade, a negotiator said. "There is an agreement," said a spokesman for the French-speaking socialists, one of six parties in the linguistically-divided country that had been struggling to reconcile spending cuts with tax rises. The accord, reached after 17 hours of negotiations, opens the way to forming a new government after 19 months in caretaker management. Friday night's downgrade by ratings giant Standard and Poor's, which saw Belgium drop by one notch to AA, piled pressure on the parties to reconcile spending cuts with tax rises to avoid EU penalties next month. |
| Posted by: tipper 2011-11-26 12:48 |
| #2 It's not lunacy it's a scam. |
| Posted by: Bright Pebbles 2011-11-26 07:36 |
| #1 bank guarantees means Belgium backstopping the bank's debt is driving the state toward bankrupcy. More of the same economic lunacy. |
| Posted by: phil_b 2011-11-26 06:56 |