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José Ruiz Varela, with academic training in Fundamental Mathematics and professional experience in Large Multinationals in the Information Technology sector, having held positions in high-level management positions, maintains that it is time to reduce Unproductive Public Expenditure and help the Private Sector in everything that is possible.
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S&P downgrades EU's AAA credit rating

LOS ANGELES (MarketWatch)
Standard & Poor's cut its long-term credit rating on the European Union to AA+ from AAA, citing concerns about budget talks as reason for the move
"In our view, EU budgetary negotiations have become more contentious, signaling what we consider to be rising risks to the support of the EU from some member states," said S&P in a statemen
The rating downgrade doesn't affect the sovereign ratings of individual member countries, the agency said

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geniopolis.net dijo...

Credit-rating firm Standard & Poor's Friday downgraded the European Union's long-term credit rating one notch, citing weaker creditworthiness among the 28-member bloc.

"In our view, EU budgetary negotiations have become more contentious, signaling what we consider to be rising risks to the support of the EU from some member states," the agency said. "We consider that the EU's financial arrangements have deteriorated, and that cohesion among members has lessened."

S&P lowered its long-term issuer credit rating on the EU to AA+ from Triple-A, with a stable outlook, while affirming the short-term rating at A-1+.

The ratings firm stressed that this shift doesn't affect the sovereign ratings of individual member countries. The EU borrows on the capital markets to lend funds to member states and certain other countries, as well as to fund lending for other programs such as the European Atomic Energy Community. The rating on the EU relies partly on the capacity and willingness of its members to support it.

Belgian Prime Minister Elio di Rupo, asked about the downgrade on his way into an EU leaders meeting in Brussels:

"It's an opinion. I confirm there are signs of improvement. We need to continue to work on budgetary rigor, but also have a growth policy, this is the path we need to follow.

"Let's not forget this is an analysis done by the experts who, right before the banking crisis, were saying everything was fine. An opinion is just an opinion. We need to pursue a policy of growth. It's the first time since i started coming to EU summits there are positive signs, we need to continue this work."

The news had little impact on the European markets. The benchmark Stoxx Europe 600 index pushed 0.1% higher in early trade Friday, with Germany's Dax index up 0.3% and France's CAC 40 index up 0.1%.

In foreign exchange, the euro has drifted lower to $1.3633 against the U.S. dollar, from $1.3661 late Thursday in New York, but this has more to do with the strength of the greenback following the Federal Reserve's decision to start easing back its hefty monetary stimulus earlier this week.

The German Bund contract was trading just 0.05 lower at 139.75, with the benchmark German 10-yr sovereign debt yielding 1.88%, flat on the day.

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EUR PPI Aleman (MoM)
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EUR GfK Clima del Consumidor Alemán 7.6 7.4 7.4


Tasa de Desempleo Finlandés 8.50% 8.40% Revisión de 8.20%


EUR Baja PPI Aleman (YoY) -0.8% -0.8% -0.7%

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EUR Encuesta de Negocios de Francia 100 99 98

DKK PIB Danés (QoQ) 0.4% 0.3% 0.4%

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EUR Nuevos pedidos industriales en Italia (MoM)

-2.5% 1.1% 1.7% Revisión de 1.6%

NOK Tasa de Desempleo Noruego 3.40%


Ventas Industriales de Italia (MoM) -0.70% 0.10%


EUR Nuevas Órdenes Industriales de Italia (YoY) 1.2% 7.3%

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Índice de Precio de importación Aleman (MoM) 0.1% -0.2% -0.7%

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Índice de precios de producción Español (YoY) -0.6% -0.1% -0.2%

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Producción Industrial de Austria (YoY) -0.6% -0.1%

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Confianza del Consumidor Italiano 96.2 98.8 98.2

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Índice de precios de vivienda Alemán (MoM) -0.4% 0.8%