via NYT
>
Source:
Cost of Borrowing Zooms Up for Corporations
JACK HEALY and VIKAS BAJAJ
NYT, January 18, 2009
http://www.nytimes.com/2009/01/19/business/economy/19debt.html
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
read more »
January 19th, 2009 at 12:50 pm
Gosh. Same thing happened to a whole bunch of homeowners, go figure…
January 19th, 2009 at 2:33 pm
Donna,
Some of us just love sarcasm….you rock!
January 20th, 2009 at 12:02 am
It didn’t take long for investment grade borrowing to bounce back. High yield…..not so much.
I’ve got to think that this may produce positive results down the road. With less interest going to lenders then maybe all those smart business people will begin to learn to live without them. I’ve got to think some of the hard lessons learned over this time will be very beneficial to business folks and detrimental to bankers. Yes, I am a dreamer