S&P is Cutting Europe Sovereign Ratings: Ireland is First

It was inevitable. There is no possible way possible that austerity mixes with growth. Add that to an severely ailing banking sector that needs constant government support and you get a sovereign downgrade.

Which country is next? Spain, Greece, Portugal, England???

Aug. 24 (Bloomberg) — Bloomberg’s Matt Miller, Dominic Chu and Julie Hyman discuss today’s decision by Standard and Poor’s to cut Ireland’s long-term sovereign credit rating to AA- from AA. Nobel Prize-winning economist Joseph Stiglitz told Dublin-based RTE Radio in an interview broadcast today that the European economy is at risk of sliding back into a recession as governments cut spending to reduce their budget deficits. They talk on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

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