Italy and Spain Downgraded by Fitch

The ratings agencies are a complete joke, the last to the party, and usually a contrarian signal, but the Fitch downgrade did cause some market volatility today.   What concerns us more is that Moody’s has put Belgium on watch for a possible downgrade.    Is France next?   How they construct the banking recap/bailout is the key issue.  More later on this.  Stay tuned.

(click here if video is not observable)

This entry was posted in Black Swan Watch, PIIGS, Sovereign Debt, Sovereign Risk and tagged , , , . Bookmark the permalink.

1 Response to Italy and Spain Downgraded by Fitch

  1. Belgium’s own rating is coming under pressure, as it undertakes bailout #2 of Dexia. So which European banks are most exposed to Belgian sovereign debt? http://bit.ly/oyZZtk

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