Tuesday, April 27, 2010
Meanwhile, in Iberia...
News that S&P downgrades Greece, once again confirming its role as ratings equivalent of a the police in so many Hollywood movies that "just" get to the scene after a massive 10 minuite long gunfight between protagonist(s) and antagonist(s).
More troubling (although not surprising) is the downgrade of the 5 largest Portuguese banks.
The run is on, and multi-lateral rescue efforts including Neo-Brady bonds must rush in as stop gap. So reminiscent of the ERM crisis, which is the event that caused yours truly to begin to take interest in the financial markets (prior to picking up Soros's Alchemy, law was my calling).