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Monday, January 16, 2012

Financial Crisis In Europe Gets Worse

Friday the l3th was not good for Eurozone Countries.  S & P removed the highest triple A rating from Austria and France.  It is especially difficult because France and Germany are looked upon as white knight of the Eurozone community.  Germany maintains its triple A status.  (For your information, Greece is C, the lowest in Standard & Poor rating)  Moody's and Fitch have not downgraded France.  But a number of debt laden countries in Europe were downgraded one or two notches.

What is the meaning of all these?

First, the Euro dived $l.2624, and 97.20 to a yen, the lowest since 2000.

How will this affect the local economy?

How will it affect OFW in Europe?  Will it mean slowdown in house sales and domestic consumption?

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