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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (76575)	5/30/2010 1:02:39 PM
From: tejek	Respond to of 149317

Looks like UK and Ireland could become the next Greece. The UK and Ireland have debt levels about the same as the US. The EU considers a debt level of 60% of GDP or lower to be acceptable. The UK, the US and Ireland are just above 60%. Spain is not looking that bad. None the same it was downgraded. Maybe politics is at play. I think the problem in Spain.....is not its debt levels. Spain had a housing boom similar to the one in the US that created a significant bubble and now the air is coming out of the bubble. Plus, unemployment is at 20%......probably leading to a lot of defaults. Consequently, several major banks in Spain are in trouble. I am not sure but I think that's why Spain got a downgrade by Fitch this past week.