>>>>>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.
>>>>>...
>>>>>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
>>>>>=================
>>>>>Portugal is downgraded 2 notches
>>>>>http://online.wsj.com/article/BT-CO-20100427-713789.html?mod=rss_Bonds
>>>>>Ireland may face a bailout soon
>>>>>http://www.herald.ie/national-news/ireland-may-face-bailout-by-imf-warns-us-expert-2153945.html
>>>>>Italy?
>>>>>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.html
>>>>>Spain is feeling Greece and Portugal's pain
>>>>>http://online.wsj.com/article/BT-CO-20100427-714236.html?mod=WSJ_World_MIDDLEHeadlinesEurope
>>>>>
>>>>>Tick...tick...tick...
>>>>
>>>>Think happy thoughts. The Messiah knows what is good for us.
>>>
>>>I'll be fine. I'm heading to the desert for 10 days of sun and relaxation...and golf for when I'm too relaxed and need a bit of stress.
>>
>>and now Spain is downgraded...tick...
>>http://finance.yahoo.com/news/Spain-downgraded-Europe-debt-apf-1816859080.html?x=0&sec=topStories&pos=1&asset=&ccode=
>
>These are, of course, the same rating agencies that rated bonds backed by liar loans as AAA are they not?

Yep! They were late in the proper assessment then and now. Greece, Portugal & Spain have no chance of escaping their debt burdens without a Euro-wide bailout which will drag down the whole block, massive taxation which will cripple their economies, massive spending cuts which will enrage the free-riding populace and cripple their infrastructure through protest and/or general strike, or outright default which will destroy the Euro as a globally acceptable currency. These downgrades should've occurred long ago. I applaud S&P and Moody's for finally moving a step towards the truth of the situation.