Prophecy Sign: The collapse of the global economyBoth Ireland and Greecehave seen their credit worthiness downgraded yet again to junk status, or in the case of Greece, one notch above default. And Spain, Portugal and Italyaren't that far away from being in similar predicaments. All is not well in the European Union, nor across the waters in Americaas the politicians in that nation argue back and forth as to what to do about their massively growing debt. Very soon this whole house of cards will come crashing down, just as bible prophecy has foretold, (Revelation 18)From the articles:US-based credit rating agency Moody's on Tuesday (11 July) downgraded Ireland's debt to junk status, amid growing market concerns about the stability of the eurozone as the debt crisis reaches Italyand Spain. Citing the "growing possibility" that Ireland may need a second bailout at the end of 2013 and the "increased" likelihood that this bailout will require private sector participation, Moody's downgraded the country's rating by one notch to Ba1 status - meaning that its bonds are now considered "non-investment grade" and pensions funds, for instance, are no longer allowed to purchase them. Moody's made the same move last week when it downgraded Portugal's rating by three notches to Ba2 status. Greece's rating is considerably lower - Caa1 which stands for "substantial risk", just three steps before what a rating agency considers "default" and with no perspective for investors to recover their money.
__________________________________________Greecesuffered another sovereign downgrade on Wednesday, when the Fitch agency slashed its credit worthiness by three notches further into junk status and only one grade above default. The agency cut Greece's rating from B+ to CCC, bringing it broadly in line with the other two major agencies, Moody's and Standard and Poor's, which had downgraded the country's bonds to a similar level last month. Greecerelies on loans from a euro110 billion ($155 billion) international bailout from other eurozone countries and the International Monetary Fund, and discussions are under way for a second bailout to keep the country's crisis from destabilizing other larger European economies.
Ireland downgraded to 'junk' in spiraling euro-crisis Irish rating cut 'incomprehensible'
Fitch downgrades Greece to one step above default
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