EFSF Loses AAA Rating After S&P Downgrades France, Austria

[riposte]

EFSF Loses AAA Rating After S&P Downgrades France, Austria

Quote:
The EFSF’s obligations are no longer fully supported either by guarantees from EFSF members rated AAA by S&P, or by AAA rated securities,” the company said. “Credit enhancements sufficient to offset what we view as the reduced creditworthiness of guarantors are currently not in place.”

http://www.businessweek.com/news/2012-01-16/efsf-loses-aaa-rating-after-s-p-downgrades-france-austria.html

[PaddyJoe]

The EFSF is dead. Long live the ESM;)

[DCon]

2 trillion is a lot of zeros..


The world's leading economies worked on Sunday to line up a deal in April on a second global rescue package worth nearly $2 trillion to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery.



http://finance.yahoo.com/news/euro-zone-deal-firewall-awaits-001447349.html

Seemingly the EFSF AND THE ESM will be combined under this plan


The plan is to merge Europe's temporary and permanent bailout funds, the European Financial Stability Fund and the European Stability Mechanism, to create one 750 billion euro ($1 trillion) fund. Once Europe has enlarged its bailout fund, other countries have said they will bolster the IMF's resources.



http://finance.yahoo.com/news/germany-decide-firewall-march-schaeuble-090631155.html



Enda will be happy. He was speaking very much like a Banker last week. He must have been given a speech to read from the Goldman plant running Italy


The Taoiseach Enda Kenny has called for "strong firewalls" against a debt contagion in the Eurozone, after meetings with the German and Italian leaders in Berlin and Rome.

Mr Kenny met with German Chancellor Angela Merkel and his Italian counterpart Mario Monti in the last 24 hours ahead of an EU summit next week.

He raised the question of the adequacy of current firewalls against the spread of debt.


http://www.irishexaminer.com/breakingnews/ireland/taoiseach-calls-for-strong-firewalls-to-stop-eu-debt-spread-541131.html

I would be willing to wager NAMA's balance sheet that Enda raised nothing of the sort