World markets tumble as euro debt crisis escalates

[katty]

more: http://apnews.myway.com/article/20100428/D9FC0ES80.html

World markets tumble as euro debt crisis escalates

Apr 28, 6:01 AM (ET)

By PAN PYLAS

(AP)
Market Crash on 4/30/10? - Technical indicators suggest market collapse could begin by April 30th
-www.StealthStocksOnline.com-
LONDON (AP) - World markets tumbled Wednesday amid acute fears that Greece's debt crisis would spread like wildfire through Europe after a leading credit ratings agency downgraded the country's debt to junk status and cut Portugal's rating as well.

The downgrades by Standard & Poor's reinforced investor fears that Europe leaders were failing to get a handle on the government debt crisis afflicting Greece and that there is now a big chance of contagion with higher borrowing costs hitting other euro-using countries with weak finances.

"Contagion is the 'buzz' word and investors alike seem to be using it as a reason to take cash off the table," said Andrew Sykes, a trader at Spreadex.

In Europe, the FTSE 100 index of leading British shares was down 52.98 points, or 1 percent, at 5,550.54 while Germany's DAX fell 107.20 points, or 1.7 percent, to 6,052.31. The CAC-40 in France was 81.11 points, or 2.1 percent, to 3,763.49. These falls come on top of Tuesday's biggest declines in months following S&P's downgrades

[villager]

1. Who gave Standard & Poor the power to collapse world markets?

:shrug:

[katty]

2. indeed, who, what group(s)? TPTB are on roll

[Joanne98]

3. They must think they're Moody's or something!

[Igel]

4. People with money to invest.

Mostly, that is.

No, strike that. Entirely.

If the investors with money in the markets didn't trust S&P they'd give S&P's ratings the same regard they give mine.

[villager]

5. So "investors" get to trump the interests of all other citizens,

who might, one supposes, be "invested" in a stable government, functioning, non-budget slashed infrastructure, etc.?