A few weeks ago when discussing the imminent debt ceiling breach, and the progression of US debt/GDP into the 100%+ ballpark, we reminded readers that in February S&P said it could downgrade the US in as soon as 6 months if there was no budget plan. Not only is there no budget plan, but the US is about to have its debt ceiling fiasco repeat all over as soon in as September.
MOSCOW (Reuters) - Russia's ruble stabilised on Wednesday, as exporters selling foreign currency countered the effect of a ratings agency saying it could downgrade Russia's sovereign debt to 'junk' status as soon as next month. At 1... Read Post
Only the first of many French downgrades, this time by the rating agency which is always ahead of the pack. And like in Italy's case, EJ sees a soaring French debt/GDP, rising to 117% in 2013 from 91% currently. Summary note: Disast... Read Post