A step away from junk bonds

© 2012 Alberto Bullrich

SPAIN No need to repeat all the details here; you've seen it on the news: Spain's interest rates and bonds were demoted to Baa3 class from its A3 qualification. Ministers can't get to a microphone fast enough to ask for tranquilidad, to say that it is all the fault doubts on Greece and its elections this weekend, that the rescue (no, they don't use the word but the national and international media do) won't cost the citizenry a single euro - always supposing they still exist - and so on and on. CampoPulse or its writers (okay, the single writer, Prospero) have no qualifications in any kind of financing or economy (ask his bank manager), but we/he did write a couple of items on the subject well before they were taken up by everyone else (someone's gotta pat our/my back): Who Owns the Ratings Agencies? and This Is Why Spain is in Such a Mess - if you haven't read them, maybe this is the time...