A couple of weeks ago, we mentioned that Greece’s credit rating had been raised to a B-. Not anymore. Fitch dropped it to a CCC today now that the government has collapsed, along with a political consensus about budget cuts in return for bailout money.
Amid the most intense student protests in Canada’s history, the government of Quebec is working to pass emergency legislation today to temporarily close some universities and limit the ability of students to protest hikes in tuition fees. New legislation would increases fines for protesting to up to $35,000. Unions and student federations could be fined as much ast $125,000 if their prevent people from entering campus buildings.
The credit ratings company Moody’s today downgraded 16 Spanish banks. Lots of non-performing loans during a recession will do that.
And finally, Iran is threatening to sue Google. Privacy? No. Antitrust? Nope. The problem is Google Maps. That region from Kuwait on down through the Straight of Hormuz is no longer labeled. Iran says it should be called the Persian Gulf. Nearby countries prefer “The Arabian Gulf.” A spokesman for the Iranian foreign ministry says if the name isn’t put back, Google will face quote “serious damages.”
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