Fitch Warns Spain And Italy of Downgrade as Moody's Cuts Belgium by 2 Notches!

• More and more bad news out of Europe. The Illuminists are still not ready to pull the plug (Aug 2012??). Take this time to prepare. Got physical gold/silver yet? When the global currency meltdown comes, fiat currencies will be increasingly worthless. International trade will grind to a halt as the world financial system collapses. Countries will have difficulty (be reluctant) settling trade with fiat currencies as devaluations set in. They will turn to physical gold (& silver) for international trade settlement. When world war comes, fiat currencies will be inflated to worthlessness. Gold is the money of choice and for 5000+ years!
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  Fitch warns Spain and Italy of downgrade as Moody’s cuts Belgium by two notches! 
  By  Louise Armitstead,
  http://www.telegraph.co.uk/
  
  Spain and Italy were both told to brace for a debt downgrade after a leading rating agency concluded that a “comprehensive solution to the eurozone crisis is technically and politically beyond reach”.
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  The eurozone’s third- and fourth-biggest economies were warned by Fitch of a “near-term” downgrade, alongside Ireland, Belgium, Slovenia and Cyprus. In a further blow, Belgium separately saw its credit rating downgraded two notches, to Aa3, by another leading agency, Moody’s.
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  It cited the “sustained deterioration” in funding conditions for eurozone countries with relatively high levels of public debt, like Belgium, and new risks stemming from the country’s troubled banking sector.
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  The downgrade and warnings, delivered after the markets closed last night, came as Spain said its debts had soared; talks with Greece’s private bondholders stalled; and Hungary broke off talks with the International Monetary Fund (IMF).
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  Pitching itself firmly against Germany, the rating agency warned that the   European Central Bank (ECB) needed to give a “more active and explicit   commitment” to prevent “self-fulfilling liquidity crises” ripping through the eurozone. The ECB’s support for eurozone banks was praised but Fitch said the central bank’s “continued reluctance to countenance a similar degree of support to its sovereign shareholders” was undermining the efforts to create a firewall to stem the crisis.
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  … for more click here!

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