Greece's debt downgraded to Junk status

Jetski


Joined: 21/07/2008
Posts: 584

Message Posted:
27/04/2010 22:05

Greece's finance ministry said in a statement that the downgrade "does not correspond with the real data of the Greek economy."



Ha Ha Ha Ha Ha.........If they believe that they'll believe anything!....... Nothing ever DID correspond with the 'real data of the Greek economy' .......cheating lying bast.rds.



Full story at http://news.bbc.co.uk/2/hi/business/8647441.stm

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
28/04/2010 00:15

hiya jet and what will this do to the world markets, they can never pay back x

dublinderm


Joined: 26/09/2009
Posts: 538

Message Posted:
28/04/2010 08:43

Hi All,



The markets seem to think that Portugal will be next to 'reveal all' and find that it is in the same mess as Greece.



Ireland unfortunately is not far behind. Just one Irish bank (Anglo Irish) is in the mire to the tune of €40bn (that is not a misprint).



DD

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
28/04/2010 08:54

The uk is in the same state too but we are not in the euro,itll come home to roost soon unfortunately.Imo the us dollar is best place at the moment for your money/investment. But hey dont listen to me ,i lost a few quid yesterday spread betting the £/$,i had quite a large position open when they downgraded greece debt to junk!!

Corbo



Joined: 13/09/2009
Posts: 627

Message Posted:
28/04/2010 10:15

Actually gold is the best place for your money. The system is in serious trouble and a complete collapse is possible over the next 2 years. We are living in a time of massive upheaval now and there will be blood and major shifts and alterations by default. The greedy wealth obsessed who run EVERYTHING will not do a jot toward change but it will happen out of the mayhem.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
28/04/2010 11:00

These are indeed serious times. There seems every possibility that even the United States could go down. The US is hoping that the bricks buy their debt, but unfortunately the bricks are struggling too. Any country who buys the US debt must surely be looking for a better return than they seem to be getting. If they want more then the US could find that something like 25% of its GDP could go to servicing its debt. This will leave it in dire straits. It will have to default internally on its healthcare etc.



Nationalism seems to be rising in China (not democracy) so if China decides to invest its money internally then its game over. Plus the US public are debted up to their eyeballs so they cant buy vast quantities of Chinese products which the Chinese need them to buy. Of course, the same applies to the UK.



In these Global times there seems to be very little global co-operation. Everyone is doing there own thing, which of course how countries act under stress

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
28/04/2010 11:13

Gold is definitely not the place to be.. It's value is set to fall through the floor (according to the experts "but what do they know?" I hear you ask). Property on the other hand, given the right price and location, should see significant long-term growth....

frontalman



Joined: 28/02/2008
Posts: 499

Message Posted:
28/04/2010 12:04

If we all end up riding around on donkeys again, would that be a bad thing?

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
28/04/2010 12:43

Mark

' If we all end up riding around on donkeys again'



I have just bought two at a bargain price cos I just know that they will be worth a lot more in the months to come.

Corbo



Joined: 13/09/2009
Posts: 627

Message Posted:
01/12/2010 22:05

Gold is definitely not the place to be.. It's value is set to fall through the floor (according to the experts "but what do they know?" I hear you ask). Property on the other hand, given the right price and location, should see significant long-term growth....



Groucho





Back to front. Gold up 25% since you wrote that and property down 10%. This time in a year Gold will be up another 30% and property in UK down 15% minimal.

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
01/12/2010 23:12

Greece are paying 11% interest on their loans..........not sustainable...will default....next up Portugal, Spain Italy.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
01/12/2010 23:14

I did say given the right price and location... nothing I said indicated that I thought UK property was either of these things.



Gold earns no interest, and the Gold commodity dealer I was listening to on the BBC gave it only an even chance of putting on any value because when there is massive world-wide debt there is less cash assets available to drive up its value. As it turns out he was wrong, it seems there is always money trying to find a safe haven.



"This time in a year Gold will be up another 30%" we shall see...

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
01/12/2010 23:20

Ride around on Donkeys ?. Scratch, Scratch. Quickly, corner the market on flea powder !

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
01/12/2010 23:23

the one thing sovereign states cannot ever be is "bankrupt"

this is because there is always some sort of tax revenues flowing in

they can however default ie can't pay/won't pay



a real problem is if the money markets don't trust the bailout loans

will "solve" (yes it's that ambivalent word again) the problem,

the rickety states will still find themselves paying crisis interest rates

...which are unsustainable

my guess is greece is past salvation the others, we cannot yet be sure



of course gold will rise and rise in exact correlation to lost faith in paper money

but like prpoerty did there will come a point in the future when it must slide back



that could be either one minute or one hundred years in the future



the greatest examples of global co-operation are free trade...and peace



but before writing off the free usa in favour of authoritarian china,

the latter hold three trillion usd in us treasury paper and depend on western markets

....so they have to face bot

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
01/12/2010 23:26

...so they have to face both ways,



just like they do with both a central police state and free market capitalism

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
01/12/2010 23:58

I think it was Wilson who said as he devalued the £ "it will never, ever go below 2 USD". When the Euro first minted, the £ was worth 1.8+ and is now 1.18 against that currency. The world's so called financial experts cannot agree amongst themselves where it is all going to lead to and the pundits on this forum find no agreement. In my short time here £ went above 2 USD now 1.50 ish, above 1.6 against the Euro now 1.18, above 2.9 against TL and now 2.3+. If many of the experts who predict that the Euro is imminently due to implode are proven right where does that leave the £ ? My guess is that "the £ in my pocket will not be worth a squit". Not sure if I have this old adage right but I think it was something like "let the Lion/Tiger ? which is China sleep, as when she awakes, she will awake with a roar" This definitely right "once upon a time there were 2 Chinese. Now count them again"

Corbo



Joined: 13/09/2009
Posts: 627

Message Posted:
02/12/2010 13:40

Indded Groucho..it is risky and Gold pays no interest. It can crash but in the current climate I think it will keep on rising. You cannot sustain all the western economies on debt piled on more debt. I feel safe with it but only have a small amount.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
02/12/2010 17:57

http://goldprice.org/charts/history/gold_10_year_o_gbp.png

Gold will keep on rising!

Just how long can it keep going?

My granny said don't keep all your eggs in one basket. It won't make you richest investor but you certainly won't lose it all.

Did you know that the South was downgraded from A+ to A by S&P on the 11th last month.

damchi


Joined: 21/05/2010
Posts: 26

Message Posted:
02/12/2010 18:25

Gold price fluctuates depending upon external events. Gold price increases during times of world economic stress or serious political situations - the price of anything cannot keep rising - everything has to fall - law of economics and Newton's theory. So many people in the UK thought the value of their homes would continue to rise - hence people borrowed to purchase properties elsewhere in the world as holiday homes and now many of those same people in negative equity. Banks (in UK and USA) loaned monies to borrowers who did not have the wherewithall to continue repayment. Banks in UK were offering 120% loans on new houses - some of which are now not worth 75% of what the purchaser paid 18 months ago. The euro - countries in the euro zone will continue to try to prop up that currency - but as any mother will tell you, she does not buy one overcoat for the whole family and expect it to fit everyone all winter.

DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
02/12/2010 18:30

This thread is officially hijacked (one post only... ) for the benefit of underprivileged TRNC children: the secret is revealed here: ▶ [ http://is.gd/i68sZ ]...