A year ago, in order to prevent the collapse of the Eurozone, the ECB came out with the first (of many) deus ex machina bazooka when it unveiled the OMT - a massive project so ambitious, it never actually existed (its legal term sheet has never been unveiled and never will be unveiled simply because it is by definition impossible) but was merely intended to scare everyone into submission by the ECB's sheer will (or stupidity - it is still unclear which prevailed).
By Lisa Lambert (Reuters) - Moody's Investors Service on Tuesday revised its outlook for U.S. states to stable from negative, marking a significant improvement in its assessment of state finances after cutting its outlook for the sector more than five years ago. The rating agency said that the uncertainty surrounding federal budget cuts has diminished, revenue growth for many states has exceeded expectations, and budget reserves are continuing to grow. Even as it marked better days for state budgets, Moody's warned the sector faces economic and fiscal risks. ...
Moody's on Thursday cut its outlook on Barclays' financial strength rating to "negative" from "stable" after the British bank's top executives resigned this week over an interest rate rigging scandal."Moody's Investors Service has today changed the outlook on the C-/baa2 standalone bank financial strength rating (BFSR) of Barclays Bank Plc to negative from stable," the ratings agency said in a statement.The decision reflects "concerns that the senior resignations at the bank and the consequent uncertainty surrounding the firm's direction are negative for bondholders."
In an effort to halt expansion of Japan's massive public debt, Japan's Prime Minister Seeks Doubling National Sales Tax.
Prime Minister Yoshihiko Noda said containing Japan’s public debt load, the world’s largest, is critical after Standard & Poor’s downgraded credit ratings on France, Austria and seven other European nations.
[AP] - Moody's Investors Service cut Egypt's sovereign rating, revised its outlook to negative and warned further reductions were possible after a week of protests that have catapulted the Arab world's most populous nation into a state of chaos.