S&P downgrades the Eurozone bailout fund
The beleaguered nations of Europe created a program called EFSF (European Financial Stability Facility) to help sovereign debt issuers and Euro Zone banks cope with the ratings agency cuts to their debt ratings and rising interest rates. But yesterday, the S&P downgraded the EFSF itself.
The beleaguered nations of Europe created a program called EFSF (European Financial Stability Facility) to help sovereign debt issuers and Euro Zone banks cope with the ratings agency cuts to their debt ratings and rising interest rates. But yesterday, the S&P downgraded the EFSF itself.
In case you stopped keeping score:
The beleaguered nations of Europe created a program called EFSF (European Financial Stability Facility) to help sovereign debt issuers and Euro Zone banks cope with the ratings agency cuts to their debt ratings and rising interest rates they'd be forced to pay on their bond issuance.
And yesterday Standard & Poors downgraded the EFSF itself.
From the Financial Times:
But here's the punchline - European stocks are up this morning overseas as are US stock futures (as of 3:30 am), proving my theory that our markets are no longer capable of surprise at most Euro-related headlines.聽 We got better than expected data from China and that's really all the market cares about now.