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1st world to 3rd world status - the chips start to fall...
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hisah
#1 Posted : Thursday, June 21, 2012 7:08:50 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
This will be a thread to keep tabs on the 1st world falling chips as they race to the bottom...

We start off with Greece.

Greece Faces Downgrade to Emerging-Market Status by MSCI

http://www.businessweek....-e-dot-staying-frontier




Quote:
“The market has already made up its mind about Greek equities,” Michael Shaoul, the New York-based chairman of Marketfield Asset Management, wrote in an e-mail yesterday. “MSCI is simply bowing to the inevitable. In a sense they really need a new category, blown-up developed markets.”
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Sufficiently Philanga....thropic
#2 Posted : Thursday, June 21, 2012 8:53:29 PM
Rank: Elder


Joined: 9/23/2010
Posts: 2,221
Location: Sundowner,Amboseli
[quote]"MSCI said it would consider shifting Greece to Standalone Market status should the country exit the euro and restrict investors to its equity market."[quote]

Poor old Greece. Doesnt even fit in the category of BRICS!Sad
@SufficientlyP
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stock.enigma
#3 Posted : Friday, June 22, 2012 2:34:17 AM
Rank: Member


Joined: 8/14/2009
Posts: 244
when did Greece get into this trouble? I heard that they borrowed money to build stadiums which no one uses any more. Why dont the lease to Nigerians?
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hisah
#4 Posted : Friday, June 22, 2012 4:33:50 AM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
stock.enigma wrote:
when did Greece get into this trouble? I heard that they borrowed money to build stadiums which no one uses any more. Why dont the lease to Nigerians?

To join the euro they did some gymnastics in their national books and came up with very rosy figures courtesy of one Goldman sucks. 4yrs later they were hosting the olympics. Then the sky fell as Zeus and Co struck anger thunders in heaven in 2006 to teach spartans a lesson. Then in 2008 the global gods decided that too much gymnastics was being peddled by the 1st world and unleash the GFC tsunami. At first it seemed like a storm, but 5yrs down the line, the globe is realizing it's a new climate and not some weather condition!
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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quicksand
#5 Posted : Friday, June 22, 2012 8:58:53 AM
Rank: Veteran


Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
hisah wrote:
stock.enigma wrote:
when did Greece get into this trouble? I heard that they borrowed money to build stadiums which no one uses any more. Why dont the lease to Nigerians?

To join the euro they did some gymnastics in their national books and came up with very rosy figures courtesy of one Goldman sucks. 4yrs later they were hosting the olympics. Then the sky fell as Zeus and Co struck anger thunders in heaven in 2006 to teach spartans a lesson. Then in 2008 the global gods decided that too much gymnastics was being peddled by the 1st world and unleash the GFC tsunami. At first it seemed like a storm, but 5yrs down the line, the globe is realizing it's a new climate and not some weather condition!

Kohl and Mitterrand ignored warnings from economists about the state of finances of Greece and Italy ..typical burying their heads in the sand. I think they wanted to be seen as new "European Kings"; So Germany and France should pay for this short sightedness by propping up Greece.
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