Storm looming in eurozone as Spain economy falters
2012 07 27
From: PressTV.ir
Spain’s worsening economic crisis and fears that the cash-strapped country might need a bailout that the eurozone can barely afford have caused a violent economic storm in European financial markets.
Fears soared high after the interest rate on Spain’s debt bonds climbed to a record high of 7.39 on Monday causing the euro to take a nosedive versus the US dollar and China’s Yuan, a recent report by Radio France Internationale (RFI) said.
While every euro was dealt for USD 1.20, most financial and economic experts in Europe expect further fall in euro-dollar parity during the coming weeks.
Meanwhile, on Monday Moody’s Investors Service changed the outlook for the ratings of Germany, Luxembourg, and the Netherlands to negative from stable, citing the uncertainty about the eurozone’s ongoing debt crisis. If fears over the eurozone financial crisis continue to rise over the next months, Germany’s AAA-ratings as Europe’s number one economy will be lowered.
The recent development comes as financial markets believe Spain’s economic woes go far beyond the country’s ailing banks that have been grappling with major economic problems.
Global investors say the single currency area’s economic situation will remain critical considering the amount of the Spanish government’s debt, which demands capabilities beyond the current European mechanisms for assisting the eurozone member states, Greece’s worsening economic crisis and its possible exit from the 17-nation bloc, and also Italy’s falling economy. As a result, many analyst wonder whether Spain can be still considered a financially creditable state.
The bitter fact to admit is that Spain is experiencing a seriously critical economic situation with all its macroeconomic indicators having crossed the red line. Moreover, the country’s economic growth has been negative during the past nine months.
[...]
Read the full article at: presstv.ir
Related Articles
A new stage in the euro crisis
The eurozone’s religious faultline
Government by the Banks, for the Banks: The ESM Coup D’Etat in Europe
The Gang of Four: Presidents propose power of eurozone authorities over national governments
Latest News from our Front Page
|
BBC, UK media told to shut up in the name of national security
2013 06 19
MoD serves news outlets with D notice over surveillance leaks
BBC and other media groups issued with D notice to limit publication of information that could ’jeopardise national security’
Defence officials issued a confidential D notice to the BBC and other media groups in an attempt to censor coverage of surveillance tactics employed by intelligence agencies in the UK and US.
Editors were ... |
Uri Geller psychic spy? The spoon-bender’s secret life as a Mossad and CIA agent revealed
2013 06 19
A new documentary claims the showbiz psychic is involved in global espionage - and that after 9/11 he was ’reactivated’ as a pyschic spy.
We may know him for spoon bending antics and for his lengthy friendship with pop star Michael Jackson but showbiz psychic Uri Geller has seemingly had a lengthy second career as a secret agent for Mossad ... |
Confirmed: 1-Billion-Year-Old Water Tastes ’Terrible’
2013 06 19
Saltier than sea water and the consistency of "very light maple syrup." Yuck.
Last month, a paper published in Nature reported on some water that had been trapped 1.5 miles below the Earth’s surface in Canada for a long while. How long? Based on an analysis of the isotopes of natural gases in the water, scientists believe it to be ... |
The Govt Is Spying on America with Drones, Too
2013 06 19
In an alarming but hardly shocking admission, FBI Director Robert Mueller confirmed that drones have been used to conduct surveillance in the US, though he was quick to reassure citizens that it was ’very seldom’.
He did not disclose the particulars of the surveillance to the Senate hearing being held on Wednesday (June 19, 2013), but went on to characterize ... |
TWA Flight 800 Investigators Claim the Official Crash Story Is a Lie
2013 06 19
A new film claims the official government report on the crash of TWA Flight 800 in 1996 is an elaborate fabrication, but the most shocking part of the story is that charges are being leveled by some of the very investigators who put the report together. Six experts who appear in the film were members of the National Transportation Safety ... |
| More News » |
|
|
|
|
