The good news in his 68-page report on Sovereign Debt Problems in Advanced Industrialized Economies is that, on the whole, governments won’t default. The bad news: Most will have to embark this year on five or 10 years of severe fiscal austerity.
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These sovereign debt problems are “the logical final chapter” of a classic ‘pass the baby’ game. As they defaulted on mortgages and other personal debt, excessively-indebted households passed some of their debt back to their creditors, the banks. The banks, themselves at risk of default, passed their debts to governments. And now over-indebted governments are passing the debt back to households, in the form of higher taxes, lower public spending, the risk of default or through inflation.http://blogs.wsj.com/brussels/2010/04/27/the-death-of-the-aaa-sovereign/Today's Financial News
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Portugal is downgraded 2 notches
http://online.wsj.com/article/BT-CO-20100427-713789.html?mod=rss_BondsIreland may face a bailout soon
http://www.herald.ie/national-news/ireland-may-face-bailout-by-imf-warns-us-expert-2153945.htmlItaly?
Greece debt is now junk
http://www.businessweek.com/news/2010-04-27/greece-cut-to-junk-at-s-p-as-contagion-spreads-through-europe.htmlSpain is feeling Greece and Portugal's pain
http://online.wsj.com/article/BT-CO-20100427-714236.html?mod=WSJ_World_MIDDLEHeadlinesEuropeTick...tick...tick...
Wine is sunlight, held together by water - Galileo Galilei
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