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Moody's cuts Belgium ratings by 2 notches

Belgium Downgraded by Moody

Moody's on Friday cut Belgium's credit rating by two notches, saying the euro zone debt crisis increases funding risks for countries with high public debt burdens.

 

S&P Puts 15 Nations in Euro Zone on Watch

Eurozone

Monday's euro-zone downgrade warning by Standard & Poor's Ratings Services is a muscular move by a firm that was pilloried for its supposed laxity in the financial crisis. S&P put the long-term sovereign-debt ratings of 15 euro-zone nations, including struggling Italy and Spain, on negative watch. That typically means there is at least a 50% chance of a downgrade within 90 days, but the firm said Monday that it expected to announce any rating changes "as soon as possible" following this week's European Union summit, where policy makers are expected to lay out plans to enforce stricter budget rules.

 

Harrisburg seeks bankruptcy, citing ‘overwhelming debt’; petition signed by council member

Harrisburg seeks bankruptcy, citing ‘overwhelming debt’; petition signed by council member

Pennsylvania’s financially distressed capital city is seeking Chapter 9 bankruptcy, citing overwhelming debt, but Harrisburg’s mayor and top city lawyer said the filing signed by a City Council member was not legal. The petition docketed by U.S. Middle District bankruptcy court Wednesday listed about $458 million in creditors and claims, and said the city faced “imminent jeopardy” from six pending legal actions by creditors related to a debt-saddled trash incinerator.

 

Obama to propose "Buffett Tax" on millionaires

Obama to propose

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

 

Greek Default Fears Spoil The Fun And Send Global Equities Plummeting

Greek Default Fears Spoil The Fun And Send Global Equities Plummeting

After a series of positive announcement from Greek FinMin Venizelos, rumors that Moody's would downgrade French banks and Germany was preparing for a Greece to default send equities tanking, particularly French banks.

 

Top official resigns from European Central Bank

Top official resigns from European Central Bank

A top board member of the European Central Bank unexpectedly resigned on Friday in what analysts saw as further evidence of the deep divisions over how to resolve Europe’s growing debt crisis. The move immediately rattled European markets and the euro, which slipped to a six-month low against the dollar. The European Stoxx and German DAX indexes tumbled 3.5 percent.

 

Italy and Spain pass budget plans

Italy and Spain pass new measures as they battle to control their debts while Greece steps up its austerity plans.

 

A Small Country — Finland — Casts Doubt on Aid for Greece

A Small Country — Finland — Casts Doubt on Aid for Greece

By insisting that it receive collateral from Greece in return for aid, Finland threatens to upend an agreement that euro zone countries made in July to expand the E.U. bailout fund.

 

Moody's downgrades Japan a notch, citing debt

Moody's downgrades Japan a notch, citing debt

Moody's Investors Service cut the rating on Japan's government debt by one notch to Aa3, its fourth-highest rating, blaming large budget deficits and the build-up of debt.

 

U.S. Credit Rating Downgrade Looking Likely Even If Debt Ceiling Deal Is Reached

Could the U.S. lose its top credit rating even if a deal is reached to raise the debt limit? Market analysts and investors increasingly say yes. The outcome won't be quite as scary as a default, but financial markets would still take a blow. Mortgage rates could rise. States and cities, already strapped, could find it more difficult to borrow. Stocks could lose their gains for the year.

 

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