Cyprus-Forum.com

[PC Bubble]

Good morning all.

Do start your day off with a look at the press.

A few headlines to look out for....

Zaman.. Turkish Cypriots push for international recognition as negotiation hopes fade.

Cyprus Mail... Up to 70 small businesses closing every month.

Hurriyet....Turkish FDI rises 25% in 2 months.

Famagusta Gazette....Venizelos wars of 'mass poverty ' for Greeks

Have a nice day !

[Lordo]

What ever the creater of this thread on, can I have some. Turkey has been downgraded from Positive to Stable in this economic climate and that is seen as a very significant.

Try looking at Greece, Ireland, Italy, Spain and Portugal never mind the poorer nations of the eu.

[GreekIslandGirl]

It's all relative. For Turkey the 'wealth' standards were already so low that these downgrades should plunge the illiterate masses closer to begging from their brothers in Bangladesh for bread.

[B25]

Does it mean that they will now get $2 per day

[GreekIslandGirl]

Does it mean that they will now get $2 per day

They should be more than 'stable' on that. No more inflated egos, egging on for expansionism.

(I long for the day we see an African country host the Olympics whilst Turkey gets turned down again )

[bill cobbett]

What ever the creater of this thread on, can I have some. Turkey has been downgraded from Positive to Stable in this economic climate and that is seen as a very significant.

Try looking at Greece, Ireland, Italy, Spain and Portugal never mind the poorer nations of the eu.

On a good day the creator of this thread might let you have a drop of his zivania, but today's not a good day.

By the way... Iceland's a nice place... a year or so before its bonds sank without a trace down to junk status they were regarded as Good as Gold Investment Grade.

A small increase in the price of crude oil will push your beloved Ain't Got No Oil/Gas So We'll Pinch CY's Turkiye over the edge.

[dinos]

Interesting...about 8 months before Moody's first downgrade on Iceland, interest rates were around 9%. Significant volatility occurred about a month before they put Iceland on review in Sep '08, then on to an initial downgrade to A1 in Oct '08. And then to a downgrade to Baa1 with neg outlook in Dec '08, etc, etc.

Here's the thing; 9% is hardly the hallmark of a stellar economy. What were the ratings agencies doing 8 months before they put Iceland on watch? 8 months is an awfully long time to miss such obvious information in the bond markets... This leads me to thank you for your contribution of solid empirical backing to my assertion that the ratings agencies are useless. There is no choice but to agree that the agencies should definitely be questioned. But not for the same reason as the Turkish gov't - the answer to the question here is that these agencies were slapping AAA+ ratings on securities that had no chance of ever being supported by the mortgage debt that backed them (because that's what their clients paid them to do and demanded from them).

The ratings agencies are criminal enterprises at best, and until they demonstrably clean up their acts, you take serious risk listening to a damned thing they spew. It's unfortunate that people can see how badly these agencies screwed them, yet back them up when it starts to involve Turkey. It's not to say that Turkey's economy is doing fantastically - but that's a separate discussion (and already another thread on the forum, which has been around for several months, adding further to the uselessness of the ratings cabal who now have missed problems in Turkey for a similar amount of time).

Turkish bonds @ 9.32%:
http://www.bloomberg.com/news/2012-04-0 ... -data.html

Linkies for Iceland here.
http://www.moodys.com/credit-ratings/Ic ... ng-392575#
http://www.bonds.is/MarketOverview.aspx ... okId=53175

[Lordo]

What ever the creater of this thread on, can I have some. Turkey has been downgraded from Positive to Stable in this economic climate and that is seen as a very significant.

Try looking at Greece, Ireland, Italy, Spain and Portugal never mind the poorer nations of the eu.

On a good day the creator of this thread might let you have a drop of his zivania, but today's not a good day.

By the way... Iceland's a nice place... a year or so before its bonds sank without a trace down to junk status they were regarded as Good as Gold Investment Grade.

A small increase in the price of crude oil will push your beloved Ain't Got No Oil/Gas So We'll Pinch CY's Turkiye over the edge.

As you are the creatar I will pray for you that it does not happen otherwise Turks being what they are they will take all of it.

[bill cobbett]

What ever the creater of this thread on, can I have some. Turkey has been downgraded from Positive to Stable in this economic climate and that is seen as a very significant.

Try looking at Greece, Ireland, Italy, Spain and Portugal never mind the poorer nations of the eu.

On a good day the creator of this thread might let you have a drop of his zivania, but today's not a good day.

By the way... Iceland's a nice place... a year or so before its bonds sank without a trace down to junk status they were regarded as Good as Gold Investment Grade.

A small increase in the price of crude oil will push your beloved Ain't Got No Oil/Gas So We'll Pinch CY's Turkiye over the edge.

As you are the creatar I will pray for you that it does not happen otherwise Turks being what they are they will take all of it.

OMG!!! >>> Turkey taking all our zivania!

The Turds will have to fight us for it... and CYs won't give up their zivania easily.

[Cap]

Just as long as they don't pinch our Souvla and Halloumi