28th April 2010, 22:24
Financial problems in Spain , Portugal and Ireland
OK I know this is financial gobbildegook to most of us but this does have some potentially serious implications. When Greece had its credit rating downgraded to A- ( same as Portugal is now ) they had to cut expenditure and raise taxes although they didn't go far enough which is why Greece is now holding out the begging bowl to the IMF.
Originally Posted by dw-world.de
The implications for us is that if Portugal and Spain have their credit ratings cut they will have to increase taxes , cut public sector jobs , etc to meet the increased costs of servicing the public debt and to start to pay down the borrowing they already have which means there is a chance the prices for Prawns , Fish and Crabs might drop. The other problem is that a weaker Euro makes it more expensive for EU customers to buy UK fish and shellfish.
We have to hope the governments in Spain and Portugal will make a better job of managing their debt than Greece did.
IMF raises fresh concerns about the Spanish economy
Moody's downgrades Portugal debt
Moody's downgrades Ireland rating
30th September 2010, 21:13
Irish deficit balloons after new bank bail-out
30th September 2010, 21:14
Moody's downgrades Spain's credit rating
22nd November 2010, 21:34
Irish PM Brian Cowen to call New Year election
Well guys I hope your next government is a hell of a lot better than this shower you've had to put up with
Originally Posted by BBC