A look at the 13 U.S. states, from Colorado to West Virginia, that levy their own taxes on retirees' Social Security benefits.» Read More
Moody's is punishing the wrong EU member by downgrading Ireland, Wilbur Ross Jr., CEO of WL Ross & Co., told CNBC Wednesday. If Moody's "downgrades enough people recklessly, nobody will be able to access the public markets in 2013. I think it's a ridiculous idea."
Ireland is the "one good student in the pool," says Wilbur Ross, Jr., WL Ross & Co. chairman/CEO, who continues to say Moody's is punishing Ireland at this point, making it harder for Ireland to access the public market.
One might argue that Greece technically defaulted when it could no longer borrow money from the capital markets to meet its obligations. Much like optimistic children who faithfully believe new sneakers make them run faster, the European Central Bank has engaged in fiscal gimmicks to delay the inevitable.
Though rating agencies have warned that they would cut Greece's credit rating to default levels if a Greek rollover debt occurred, this would not trigger any credit default swap payout, David Geen, general counsel of the International Swaps and Defaults Association, told CNBC Tuesday.
Privately, European officials and analysts have been complaining that the bulk of the main rating agencies – two out of three – are based in the US and not always objective when it comes to rating European countries. In Asia and Europe, officials are looking for solutions.
Cyprus has become the latest victim of the financial crisis in neighboring Greece after its credit rating was downgraded by ratings agency Fitch Tuesday.
Belgium became the latest small European nation to come under the cloud of having its credit ratings outlook cut on Monday. As rating agencies themselves are increasingly criticized, is this the threat it once was?
The credit ratings of some of the UK’s largest banks could be slashed because of worries about what will happen when the government stops propping them up, the agency said in a statement Tuesday.
Not many things have emerged from the quagmire of US Congress recently which have produced a truly pleasant surprise. But could the troubled asset relief programme - better known as Tarp - turn out to be one?
Why is Spain paying higher interest rates on its government debt than the UK? The answer to this question is illuminating: membership of a currency union makes a country fiscally fragile, writes Martin Wolf in the FT.
The government now borrows about 42 cents of every dollar it spends. Imagine that one day soon, the borrowing slams up against the current debt limit ceiling of $14.3 trillion and Congress fails to raise it.
The U.S. is headed towards the next major budget battle between the Republicans and Democrats. On May 16th lawmakers will have to vote to raise the $14.3 trillion debt ceiling or risk a default by the world's largest economy.
We're all used to hearing about how municipal bonds almost never, ever default.
William Gross, PIMCO co-CIO & founder, with perspective on S&P's negative outlook on U.S. credit and what the downgrade means for the markets.
Standard & Poor's lowered its outlook on the United States, kiwis fell, and Finland is frightening euro traders. Time for your Monday morning FX Fix.
Here’s my nomination for the worst recommendation by the Senate panel on the financial crisis: the proposal for the Securities and Exchange Commission to rate credit ratings agencies based on their “accuracy.”
And no, it's not Goldman Sachs. But he thinks these stocks are a buy.
"The outlandish scenario of a US debt downgrade is no longer the stuff of finance fiction," says the head researcher at at SocGen.