2012-11-30T22:11:02+0000

All|Economic Data|Europe|Regions

EFSF|ESM|Moody's

Gerry Davies

7 Comments

  1. Why couldn’t they wait some 45 minutes until fx market close?

    Shaping weekly candles mayhaps?

  2. At least they can issue new debt now!

    “EFSF’s initial plan to issue a 3-year benchmark bond last week was postponed due to last week’s rating action by Moody’s which reduced France’s long-term debt rating from Aaa to Aa1. EFSF’s Deeds of Guarantee require that EFSF’s new issues, at the date of the issue, are covered 100% by guarantees of Member States with a rating, by each of the credit rating agencies, similar or better than the EFSF’s own rating. As a consequence of Moody’s rating decision on France, EFSF’s new long-term issuances (currently rated Aaa by Moody’s) would no longer satisfy this criteria.”

    http://www.efsf.europa.eu/mediacentre/news/2012/2012-35-efsf-reacts-to-recent-developments-with-the-announcement-of-a-one-year-bond.htm?lang=-en

  3. And do we really care? :-D

  4. That’s a good point, but from a pure technical perspective the market was unable to close above 1.30, but instead was trading 1.2880s at 5pm EST

  5. is this gonna be bad for euro on monday?????

  6. hi, was this announced before or after market close (9pm uk time)
    what do you consider will be reaction to euro dollar?

  7. I don’t think it will drop if anything. It’s the better of the 2 currencies.

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