Monday, July 25, 2011

The Debt

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Monday, July 25, 2011Letters
The debt situation

Ted Rudow III, MA, Encina Ave, Palo Alto, CA
A downgrade of Irish government debt to “junk” status by a credit ratings agency did little to boost confidence, especially as Moody's said debt-laden Ireland would probably need a second bailout. A week ago the ratings firm slashed Portugal's rating to junk with a similar warning and a collapse in Italy or Spain would stretch its resources beyond breaking point.
They would then have to be rescued again by national governmentsif they can afford to do so. Somebody's lying, because it couldn't be that good with all these huge corporations and governments folding and going bankrupt! I mean, they're desperate to try to get money. The International Monetary Fund and the World Bank are desperately trying to rake up enough money to loan to some of these countries so they can at least meet their interest payments, because if they don't do that, things will collapse!

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