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Europe Dims German Outlook
Keywords:
Moody's downgraded its outlook on Germany's triple-A credit rating to negative. It also shifted to negative the outlook on triple-A ratings of Netherlands. Spain's ten year bond yield went up to 7.51% on July 23, 2012 according to Tradeweb. Analysts estimate Spain needs to issue 28 billion euros of debt for the rest of 2012 to cover deficits and repay maturing debt, and 50 billion euros in short term Treasury bills. An additional 30 billion euros may be needed if tax revenues decline increasing the deficit, and to meet the needs of regional governments. In changing the outlook for Germany, Moody's emphasized the costs Germany would incur if Spain needed a full bailout and if the situation spread to Italy, including the large exposures of German banks to Italy and Spain.
Moody's and credit ratings for Germany
07/24/2012
Moody's warns of a possible downgrade of Germany's triple A credit rating. Moody's says Germany has acted too slowly to support Spain and Italy in the eurozone crisis. Politicians in Germany's ruling coalition government draw the opposite conclusion that Germany has overextended itself in support of other EU countries. Germany's economics ministry says Germany is aware of the risks and is taking the necessary steps.
Grouped Articles
Germans React Coolly to Moody's Warning
Wall Street Journal 07/24/2012
Wall Street Journal 07/25/2012
Ratings of France, UK, Spain and Italy by Moody's Investors Service 2012-2013
01/17/2012
Moody's continued France's tripe A rating with stable outlook in contrast to S&P's downgrade to AA+ in January 2012 and the triple A with negative outlook by Fitch Ratings.
Grouped Articles
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
Moody's Is Assessing its Outlook on France
Wall Street Journal 01/17/2012
6 European Nations Get Downgrades
New York Times 02/13/2012
Spain, Pursuing Austerity, Still Waits for the Payoff
New York Times 04/27/2012
For Italian Banks, Future Is Cloudy
Wall Street Journal 05/16/2012
France Eludes the Bond Market Sheriffs
Wall Street Journal 07/06/2012
Cost of Greece's exit from the eurozone for France and Germany and indirect costs for Italy and Spain in 2012
05/18/2012
Grouped Articles
‘Grexit’ Could Happen by Accident
Wall Street Journal 01/12/2015
Cost of Losing Athens Can't Be Calculated
Wall Street Journal 05/19/2012
Berlin Denies Suggesting Greek Membership Vote
Wall Street Journal 05/19/2012
Alexis Tsipras, Greek Political Star, Puts Europe on Edge
New York Times 05/18/2012
Greece and Germany in War of Words Over Euro Crisis
New York Times 05/18/2012
Europe's Missing Contingency Plan as Greek Exit Fears Rise
Wall Street Journal 05/20/2012
Europe's preparation for Greece's exit from the euro 2011-2012
04/19/2010
Germany would lose $127 billion or 3% of GDP, and France about $50 billion or 3% of its GDP if Greece exited the eurozone. The concern about orderly acceptance of the exit without affecting Spain and Italy in financial markets remains.
Grouped Articles
Weber Sees Greece Needing More Aid
Wall Street Journal 04/19/2010
New York Times 05/26/2010
‘Grexit’ Could Happen by Accident
Wall Street Journal 01/12/2015
A Greek Exit? Euro Zone May Be Ready
New York Times 05/17/2012
Wall Street Journal 05/18/2012
Cost of Losing Athens Can't Be Calculated
Wall Street Journal 05/19/2012
Risks associated with Spanish and Italian banks increased holdings of government debt in 2012
07/13/2011
Spanish and Italian banks bought a large portion of the goverment bonds of their countries under the Long Term Financing Operation launched by ECB chairman Mario Draghi in Dec. 2011. This calmed the financial markets by lowering the bond yields for Spain and Italy, but raises new risks as analysts focus on the risks of the deficit and declining economy in Spain.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Wall Street Journal 06/10/2014
Spanish and Italian Banks, Once More Buying Bonds, Seen as Vulnerable
New York Times 04/08/2012
Moody's credit ratings for the European Financial Stability Facility, the EFSF
08/08/2011
Grouped Articles
Wall Street Journal 08/08/2011
Rating Changes Ripple Through Bailout Funds
Wall Street Journal 07/24/2012
Wall Street Journal 07/25/2012
Spain- debt, credit ratings, and borrowing costs 2011-2014
01/04/2011
Bond yields for Spanish government bonds in 2011-2014.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
New Spanish Budget Free of Austerity Measures
New York Times 09/27/2013
Netherlands Loses Triple-A Rating, Spain Outlook Raised
Wall Street Journal 11/30/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Declining tax revenues after higher taxes and the burden of both higher interest payments and aid to regions is hurting Spain in 2012-2013
07/22/2010
Grouped Articles
Spain: Budget Woes Hit Regional Governments
BusinessWeek 07/22/2010
Spain's New Tax Crackdown Makes It Personal
Wall Street Journal 02/09/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
Spain Braces for Renewed Austerity as Tax Take Hemorrhages
Unknown 07/10/2012
Euro Zone Eases Budget Demand on Spain
Wall Street Journal 07/10/2012
Spanish Bond Rates Inch Higher Amid Fears
New York Times 07/20/2012
Spain's banking officials, lack of prudent oversight over the banks and bad loans from the real estate bubble
02/22/2011
Jaime Caruana, Rodrigo Rato and Vinals are senior Spanish banking officials who worked for the central bank and at the IMF. Caruana is head of the Bank of International Settlements in Bases (BIS), and Vinal heads a department at the IMF. Rato resigned from Bankia bank after its takeover by the government. Experts say they failed to exercize proper oversight of Spain's banking system and in their positions at the IMF failed to draw early attention to the problems.
Grouped Articles
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Wall Street Journal 09/28/2011
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Spanish Officials Hailed Banks as the Crisis Built
New York Times 06/26/2012
Spanish Woes Cast Rescue in New Light
Wall Street Journal 06/20/2012
Short term actions to save the euro taken at the Brussels negotiations on June 28, 2012
01/11/2012
Short term steps Germany agreed to when pushed hard by Italy, Spain and France, include the critical actions to let the European rescue funds to directly buy Italian and Spanish bonds on private markets to drive down bond yields, and provide direct aid to Italian and Spanish banks. The two steps were vital to restore market confidence and necessary if the European project was to be saved. The marathon negotiation stetched for 14 hours with brinksmanship, and were described by prime minister Monti of Italy as "hard and tense" but worth it.
Grouped Articles
Italy's Monti Hopes Summit Win Plays at Home
Wall Street Journal 06/29/2012
Global Markets Soar on European Breakthrough
New York Times 06/29/2012
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Italy Leader, Monti, Tells Germany Austerity Isn't Enough
New York Times 01/11/2012
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
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