2009 Greek government announced that Greece's budget deficit is 12.7% of GDP
Fitch, Moody's and S&P downgraded Greece’s country credit rating
(-rating Greek bonds as junk)
Worries of crisis spreading to other European nations like PIIGS
EU & IMF decided to place 110 billion Euro to rescue Greece
Nearly US$1 trillion financial rescue package has been put together by the EU and IMF fo
announced significant losses, or put themselves up for sale.
Fall of municipal bond insurance companies
Standard and Poor's downgraded monoline bond insurers AMBAC and MBIA from AAA to AA.
Government & industry responses
Monetary policies;
1)Federal reserve lowered interest rates (5.75 to 2.25%)
2)and increased lending
Governmental policies;
1)two fisca
for poorly performing businesses. On November 8, the company announced in a Securities and Exchange Commission (SEC) filing that it was restating its earnings since 1997 – reducing them by $586 million. On November 28, the major bond rating agencies downgraded Enron’s debt to below-investment-grade, or junk bond status. The company filed for Chapter 11 bankruptcy on December 2, 2001.
agencies are notorious for announcing with great fanfare what has been obvious to financial markets for months. That may explain why investors were only briefly perturbed when Standard & Poor's (S&P) issued its first warning in 70 years that America's credit rating was in jeopardy because of its public debts. Share prices lurched downwards but soon stabilised. Bond yields actually declined.
Its magnified and deeply revealed. Flecks of green and yellow in a field of milky blue. Icy filaments surround the undulating center.
The eye is brown in a tiny screen. On the metallic surface below, the words VOIGHT-KAMPFF are finely etched. Theres a touch-light panel across the top and on the side of the screen, a dial that registers fluctuations of the iris.
The instrument is no bigger than a