Europe is heading toward a break up

June 13 (Bloomberg) -- Greece had its credit rating cut three levels by Standard & Poor’s, which branded the nation with the world’s lowest debt grade and said a restructuring looks “increasingly likely.”

The move to CCC from B reflects “our view that there is a significantly higher likelihood of one or more defaults,” S&P said in a statement today.

Yields are soaring in all European countries in financial danger. Exceptions: yields in Germany, UK and Switzerland are declining.

The countries in Europe are so many cultural and work ethic differences that it is impossible they can coexist.

Maybe this is the reason why the equity markets are so concerned. More details in the next issue of The Peter dag Portfolio. Subscribe now!

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

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