In a stunning development, Standard & Poor?s Friday downgraded the U.S. Government's credit rating from AAA to AA+, arguing Washington has made inadequate progress cutting the budget deficit. The U.S. Treasury disagrees with S&P?s analysis and conclusion, but interest rates on U.S. home mortgages and car loans are likely to rise.
Consider the case of Canada, which lost its top-notch rating in April 1993 ? it took the country nine long, hard years to regain the coveted rating after enacting serious debt and deficit reductions.
Standard & Poor's has downgraded the U.S. debt rating, in a stunning move. More telling is why the agency downgraded the U.S. for the first time ever. S&P cited America's "less stable" political system as a reason for the downgrade.
France has complete faith in the solidity of the U.S. economy and in the U.S. government's determination to implement the Congress's plan, a source close to France's Finance Minister Francois Baroin said on Saturday.
The U.K. maintains a pristine AAA credit rating (which allows it to borrow money on international money markets pretty cheaply),
The European Central Bank remains divided over whether to buy Italian government bonds but even some of those who favor the move say Italy should do more to front-load austerity measures, ECB sources said Saturday.
The European Central Bank remains divided over whether to buy Italian government bonds but even some of those who favor the move say Italy should do more to front-load austerity measures, ECB sources said Saturday.
Perhaps the downgrade was not too much of a surprise.
China's commentary which came after credit rating agency Standard & Poor downgraded U.S credit rating from a top-notch AAA to AA+, harshly criticized U.S for its "debt-addiction" and short-sightedness of politicians.
Sky-watchers and astronomers witnessed a spectacular display of natural lights on Friday caused by the strong solar flare that occurred on Aug 2, 2011.
China, the largest creditor of the world's sole superpower, hit out at the United States for its "debt addiction" and "short sighted" political wrangling in response to Standard & Poor's historic decision to downgrade the U.S. credit rating from AAA.
The United States wouldn't enjoy "risk-free" top AAA credit rating any longer. Standard & Poor's decision, being questioned by many including the White House, to downgrade AAA rating to AA+ was based on an analysis which blew up U.S. deficits by $2 trillion.
A severe solar storm could cause global chaos, wrecking satellite communications and would take down the most important power grids in the world for a period of years.
Mobile ad network Jumptap has put out a report with a map reflecting the geographical mobile makeup in the United States.
Dolce & Gabbana have deleted posts on its official Facebook Page after Change.org members posted messages demanding that the company ban sandblasting.
"Harry has already completed his studies of Land and Sea Surveillance and Oceanology - part of Astro training - and can't wait to get into one of Nasa's T38 training jets," a royal source said.
A mysterious orange-colored has washed up on the shore of a northwestern village in Alaska this week.
China roundly condemned the United States for its debt addiction and short sighted political wrangling and said the world needed a new stable global reserve currency.
The U.S. treasury department attacked S&P?s decision to downgrade the country?s AAA rating, saying that there is a $2 trillion error in the credit agency's analysis.
Israeli scientists say that they have developed a sensor that can accurately detect whether a drink has been spiked with date rape drugs.
Chinese economists said the U.S. credit rating downgrade by Standard & Poor's poses great risk to financial markets and expect it to prompt China, the world's biggest holder of U.S. Treasuries, to accelerate the diversification of its holdings.
The top official behind Standard & Poor's historic decision on Friday to downgrade the United States' prized triple-A credit rating said it was his company's duty to make such a hard and controversial call.