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Recap: Europe Hit by S&P Downgrade
Standard & Poor's Ratings Services stripped France of its prized triple-A long-term credit rating, the company announced Friday afternoon, a move that marks the long-awaited blow to France's international standing and knocks Europe's second-largest economy out of the top financial league of the euro zone.
In announcements after the U.S. market closed on Friday, S&P announced ratings actions on 16 euro zone sovereigns, which included downgrading Austria to AA+ from triple-A. S&P lowered the ratings on Cyprus, Italy, Portugal and Spain by two notches and those of Malta, Slovakia and Slovenia by one.
S&P affirmed its long-term triple-A rating on Germany, with a stable outlook, and affirmed the long-term credit ratings of six others. The firm said it has a negative outlook on the ratings of 14 euro zone countries, including France, Italy and Austria.
European stock markets and the euro are falling amid talk that the Standard & Poor's ratings agency is to downgrade a number of European governments.
One government official familiar with the matter said an S&P notice is being circulated among euro-zone governments and that an announcement "could be imminent."
S&P have declined to comment but they made clear in December that they had the long-term sovereign debt ratings of 15 euro-zone nations.
Observers will be watching whether France will lose its cherished triple-A rating.
(Photo: Associated Press)
S&P Put 15 Euro-Zone Nations on Watch
S&P put the long-term sovereign-debt ratings of 15 euro-zone nations, including struggling France, Germany, Italy and Spain, on negative watch in December.
That typically means there is at least a 50% chance of a downgrade within 90 days.
The firm said at the time of the announcement that it expected to announce any rating changes "as soon as possible". That did not appear to be the case.
S&P said the long-term ratings on Germany, Belgium, Austria, Finland, Luxembourg and the Netherlands aren't likely to fall by more than one notch, if at all. But it flagged a potential two-notch downgrade for France and other euro-zone nations.
Euro Falls
The euro tumbled to a fresh 16-month low against the dollar amid talk that Standard & Poor's is on the brink of downgrading several European countries.
The common currency dropped as low as $1.2647, down from $1.2814 late Thursday. It was most recently trading at $1.2663.
European Union officials said a downgrade of multiple countries could come as early as Friday. Last month S&P put 15 of the 17 countries in the euro zone on review for a possible downgrade because of the ongoing debt crisis.
Investors have been on edge for weeks wondering when downgrades might be announced. Market participants have been especially concerned with France losing its top-notch, triple-A rating.
A downgrade to France could put in danger the region's bailout program, the European Financial Stability Facility.
The dollar was at ¥76.99, compared with ¥76.77, while the euro was at ¥97.261 compared with ¥98.49. Meanwhile, the pound was trading at $1.5243, compared with $1.5337 late Thursday.
The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 81.57 compared with 80.845 late Thursday in New York.
Peripheral Bond Yields Move Higher
Peripheral bond yields reversed early falls and moved sharply higher Friday on news that several euro-zone countries could face an imminent ratings downgrade by Standard & Poor's.
The Italian 10-year yield added 0.20 percentage point to trade at 6.75% after reaching a low of 6.46% Friday, according to data from Tradeweb, following news that S&P could announce downgrades to the credit ratings of a number of European governments as early as Friday.
One person familiar with the matter said an S&P notice is being circulated among euro-zone governments and that an announcement "could be imminent." S&P declined to comment on the possibility of an imminent announcement on euro-zone credit ratings.
Spanish bond yields also rose on the news, with the 10-year adding 0.18 percentage point to 5.21% after having traded as low as 5% Friday, while the yield on the French 10-year bond rose by 0.07 percentage points to 3.03%
European Indices Fall
European stock markets erased gains to slump Friday, amid fears of an imminent credit downgrade of several euro-zone countries added to disappointing results from U.S. banking giant J.P. Morgan Chase.
Friday's afternoon losses came after the Standard & Poor's ratings agency notified European governments that it is about to announce the downgrades in the credit ratings of France and a number of European governments as early as Friday, according to sources familiar with the matter.
S&P declined to comment on the possibility of an imminent announcement on euro-zone credit ratings.
However, European stock markets tumbled on the reports and by 1533 GMT, the benchmark Stoxx Europe 600 index lost 0.8% to finish at 247.41 late in Europe. Nationally, the U.K.'s FTSE 100 index fell 1.2% at 5601.39, France's CAC-40 index shed 1.1% to 3166.32, but Germany's DAX slid 1.5% to 6087.
At the same time, the euro tumbled to a fresh 16-month low against the dollar. The common currency dropped as low as $1.2647, down from $1.2814 late Thursday. It was most recently trading at $1.2651.
(Photo: Reuters)
Europe Fears the Worst
The selling in the European financial markets on the prospect of France losing its triple-A status, but Germany retaining its, seems totally indiscriminate.
By the late afternoon, France's CAC-40 stock-market index was down 0.8% while Germany's DAX was down 1.3%.
Over in the foreign exchanges, the euro was weaker against every other major currency. Down by around 1.3% from late Thursday in New York against the dollar, at $1.2650, down 1.0% against the yen and 0.9% against sterling.
It was a very different story in the European sovereign bond markets, however, where the yield on the benchmark 10-year German bund fell to 1.76% from 1.83% late Thursday.
By contrast, the yield on the 10-year French OAT jumped to 3.10% from 3.04% late Thursday, having eased to 3.0% earlier Friday.
Just to complete the picture, oil prices fell and so did the gold price.
(Photo: Reuters)
U.K. Banks a Haven -- for Now
U.K. banks such as Royal Bank of Scotland, Lloyds and HSBC are outperforming the FTSE 100 Friday as speculation builds that France and Austria are facing an imminent S&P downgrade.
Shore Capital analyst Gary Greenwood says that within the broader European bank sector U.K. banks have something approaching safe haven status because of the U.K.'s control over its own currency and because they are better capitalized than most of their European peers.
A downgrade of France isn't without risk to U.K. banks, who may end up having to post higher collateral to deal with the increased counter-party risk from French banks.
And a total collapse of the euro zone would have very serious consequences for the entire European banking sector, including UK banks.
But for the moment, if you have to be invested in European banks, the U.K. is the place to be.
Shore has a hold rating on HSBC, Lloyds and Standard Chartered, and a sell rating on RBS and Barclays.
(Photo: Associated Press)
Euro-Zone Bond Markets Rocked
Euro-zone government bond markets were rocked Friday after people familiar with the matter said Standard & Poor's could lower the ratings of several euro-zone countries, possibly as early as Friday.
Bonds issued by fiscally frail euro-zone countries such as Italy and France rose following the report, while the resulting flight to safety sent the near-month German bund futures contract soaring to a record high. Germany was expected to hold on to its coveted triple-A rating.
The yield on Italy's 10-year government bond rose by 20 basis points to 6.75%, the Spanish 10-year added 18 basis points to trade at 5.21% while the French 10-year bond yield rose 11 basis points to trade at 3.07%, according to Tradeweb.
These sharp rises spurred the European Central Bank into remedial action, forcing them to purchase Italian and Spanish government bonds in an effort to stem the wild moves, according to traders.
France Declines to Comment
The French Treasury Agency has declined to comment on the potential downgrade of France.
A senior European government official said Germany isn't among the countries to be downgraded by S&P.
The prospect of cuts in sovereign credit ratings has loomed over euro-zone bond markets for weeks.
Rising government borrowing costs, a threatened Greek default and the growing risk of a new recession have contributed to a darkening 2012 outlook for the region.
European leaders have scheduled a summit for the end of this month to discuss fiscal reforms and to finalize a new rescue package for Greece, projects made financially and politically difficult by rising strains on many government budgets.
(Photo: AFP/Getty Images)
Bulls Blown Out of the Water
Angus Campbell, Head of Sales, Capital Spreads, said:
"The bulls were blown out of the water today as it gradually became more apparent that rumors of credit ratings downgrades to a number of European countries were true.
"The fact that these rumours included France, the second biggest economy and one of the driving forces behind the whole European project, made the rumors even more distasteful for investors.
"The downgrades are expected after European markets have closed which is why so many people rushed for the exit and so now we have almost completely wiped out the gains for 2012 that bulls seemed to have worked so hard for.
"There is a chance however that we might see a case of "sell the rumour buy the fact" as indices have bounced off their lows and its not as if investors haven't already been made aware that Europe's countries could be downgraded.
"Even the likes of France had been put on credit downgrade watch by a number of the credit ratings agencies, so the sharp sell off might have been a bit of an overreaction."
Greek Debt Write-Off Deadlocked Over New Bond Coupon
Talks between Greece and its private creditors over a 50% debt haircut are deadlocked primarily over differences on the coupon of new bonds that Athens plans to offer, people with direct knowledge of the talks said Friday.
"Right now the talks are going nowhere. The proposal for a lower coupon than the one discussed so far is unacceptable by the creditors," one of those people said.
Frank Vogl, who handles the media affairs for the Institute of International Finance which represents the private creditors said talks could resume next week "but this depends on developments over the next few days."
Greece has been negotiating a deal that would cut its €206 billion debt held by private creditors by half through a bond swap. The coupon for the new bonds discussed so far ranged between 4% and 5% with a maturity of up to 30 years.
(Photo: Reuters)
Greek Talks to Resume Wednesday
Talks between Greece and its private creditors over a planned debt restructuring will likely resume next Wednesday, a senior government official said Friday, amid signs that the negotiations had stalled over key elements of a deal.
Bankers negotiating the deal said the talks were on hold because of growing concerns Greece might force through an onerous debt writedown on unwilling bondholders, scuttling hopes of a voluntary agreement.
"Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach," said the Institute for International Finance, a trade body of leading banks which is negotiating the deal.
It called on Greece, along with its euro-zone partners, to "re-engage constructively with the private sector" on a "mutually acceptable agreement on a voluntary debt exchange."
Greece's European partners agreed in late October to cover the country's budget deficits over the next three years, but insisted that private creditors share in the pain by writing off half the debt Greece owes them.
That debt restructuring would slice roughly €100 billion ($128.1 billion) off of Greece's total public debt — now estimated around €360 billion — and would save the government about €5 billion a year in debt-servicing costs.
France Confirms Notification of Downgrade
- French Government Official Confirms Notified Of S&P Downgrade
France Downgraded by One Notch
- WSJ: S&P Downgrade Of France Rating Is One Notch – French Govt Official
Euro Slide Not Such a Big Deal?
For the euro to drop more than two cents against the dollar on any other day would be a very big move.
But in the grand scheme of things, Friday's slide in the single currency on the back of news that France — that bulwark of the European Union and euro-zone — is losing its place at the top table of triple-A-rated sovereigns, is not such a big deal.
After all, it's not as if the possibility of France losing its triple-A credit rating wasn't well flagged.
Standard & Poor's warned more than a month ago that the long-term ratings of 15 euro-zone countries, including France, might be downgraded.
Even French President Nicolas Sarkozy was resigned to that risk when on December 12 he described the possible loss as an added difficulty that was "not insurmountable." Rumors of an imminent downgrade have been a daily feature of the markets since then.
So now that S&P seems to have taken the plunge and brought down the guillotine, it has at least removed the large uncertainty which has dogged FX markets since before Christmas, enabling currency traders to move on.
What's more, if indications are correct, a worst-case scenario has been avoided. Not only has France's rating been cut by just one and not two notches, Europe's paymaster Germany is not facing a downgrade.
That's not to say that there aren't some major challenges ahead for the euro-zone that will likely continue to weigh on the euro—including the deadlocked Greek debt restructuring talks, Italy's massive funding requirements this year and the fact a French downgrade will slash the potential firepower of the euro-zone's emergency bailout fund, the EFSF.
But if markets were really running scared, traders would have sold the euro far more aggressively in favor of Europe's ultimate safe-haven currency, the Swiss franc.
As it is, the euro hasn't move that sharply against the franc, and the Swiss National Bank's 1.20 franc floor remains untested.
(Photo: Getty Images)
European Stocks Close Down
European stock markets finished lower Friday, amid fears of an imminent credit downgrade of several euro-zone countries, which added to disappointing results from U.S. banking giant J.P. Morgan Chase.
By 1630 GMT, the benchmark Stoxx Europe 600 index closed down 0.1% at 249.18. Nationally, London's FTSE 100 lost 0.5% to 5636.64, Frankfurt's DAX was down 0.6% at 6143.08 and Paris's CAC-40 was just 0.1% lower at 3196.49. In the currency markets, the euro tumbled to a 16-month low against the dollar. The common currency dropped as low as $1.2647, from $1.2814 late Thursday. It was most recently trading at $1.2657.
Elsewhere, peripheral bond yields reversed early falls and moved sharply higher on the S&P reports. At 1609 GMT, the yield on Italy's 10-year government bond rose 20 basis points to 6.75%, the Spanish 10-year added 18 basis points to trade at 5.21% while the French 10-year bond yield rose 11 basis points to trade at 3.07%, according to Tradeweb.
Earlier, Italy sold the maximum targeted €4.75 billion in three Treasury bonds, paying lower yields on the 2014-dated bond and higher yields on the longer-dated 2018 bond than at previous auctions.
Adding to concerns Friday, J.P. Morgan's results came as a disappointment to the market. The U.S. banking giant's fourth-quarter earnings and revenue both fell short of expectations.
On Wall Street at 1655 GMT, the Dow Jones Industrial Average was down 0.6% at 12389, while the Standard & Poor's 500-stock index had dropped 0.7% to 1286.
Meanwhile, spot gold was at $1,634.70 a troy ounce, down $13.00 from its New York settlement Thursday. February Nymex crude oil futures were down 45 cents at $98.65 a barrel and March Brent oil futures were 80 cents at $110.46.
Franch Notified of One Notch Downgrade
Standard & Poor's Ratings Services has notified the French government of its decision to downgrade the country's credit rating, a senior French government official said Friday, a move that marks the long-awaited blow to France's international standing and knocks the country out of the top financial league of the euro zone.
S&P has informed the French government that the country's cherished triple-A rating will be lowered one notch to AA+.
S&P has also notified other European governments of looming ratings downgrades, according to people familiar with the matter.
One of these people said an S&P notice is being circulated among euro-zone governments and that an announcement "could be imminent." S&P declined to comment.
Downgrade a "Non-Event"?
The downgrade by rating agency Standard & Poor's of France's sovereign debt would be a "non-event", says H. et Associes trader Sylvain Navarro, pointing out that France's largest listed bank, BNP Paribas, was Friday the top winner in France's CAC-40. Despite media reports of an imminent French downgrade, BNP Paribas closed up 2.5% at €31.79.
"This goes to show that markets had already largely anticipated all this information," says Navarro. "What is important now are CDS spreads, and how well bond auctions perform," he adds, pointing out that the Spanish and Italian auctions earlier this week were a success.
The slightly weaker performance of Credit Agricole, which ended in the red, down 0.4% at €4.2, and Societe Generale up 0.3% at €16.34, could be explained by the higher sovereign support embedded in their rating, says Elie Darwish, an analyst with Natixis.
"BNP Paribas' intrinsic rating is stronger." But considering that all three banks' ratings are already under review, a downgrade of BNP Paribas can't be excluded either. "This could be a one, or even possibly a two-notch downgrade for Societe Generale and Credit Agricole."
EFSF Bond Yield Rises
The yield on the European Financial Stability Facility benchmark bond maturing April 2022 rose Friday on talk that ratings agency Standard & Poor's Corp. is on the verge of downgrading several European countries.
The 10-year benchmark saw its yield rise 16 basis points to 3.144% from around 3.128%, according to Tradeweb.
The news came as the EFSF preps itself to sell six-month paper in an auction next Tuesday. Gauging the possible impact on the sale is, however, quite difficult, market participants said.
"It is very difficult to predict how the auction of next week will be impacted by a likely downgrade," said Michaela Seimen, analyst at Barclays Capital.
Reports: Italy, Spain and Portugal Downgraded by Two Notches
Italy, Spain and Portugal will have their sovereign credit rating downgraded by two notches by Standard & Poor's Corp. Friday after the close of U.S. markets, French daily Les Echos reports on its website.
The newspaper says France will lose its triple-A rating, but the country's credit rating will only be downgraded by one notch.
The Netherlands, Germany and Luxemburg will have no changes made to their credit ratings, the newspaper reports.
Bad News for Belgium
Bad news for Europe Friday evening wasn't limited to the downgrade.
Belgium said it missed its 2011 budget target as set out by the European Union stability program, as its sovereign debt rose to 98.1% of gross domestic product, the highest level since 2003, the finance ministry said in a statement Friday.
Having been downgraded late last year, partly because of its constitutional crisis – the country didn't have a federal government for 541 days – today's news comes as a further blow.
Belgium's budget deficit was 4.0% of GDP in 2011, government figures show, compared to the EU target of 3.6%. It narrowed slightly from 2010 level of 4.1% of GDP.
"Primary expenditure was lower than the initial budget, and tax receipts were also below expectations," Budget Minister Olivier Chastel said in a statement.
Ireland: Report of Downgrade Reflects Uncertainty
Reports that France has lost its top triple-A rating reflected the uncertainty surrounding the euro zone in recent months, Irish Deputy Prime Minister Eamon Gilmore (pictured) said Friday, saying he hoped for progress to stabilize the euro crisis in the coming weeks.
Mr. Gilmore was speaking to journalists with his U.K. counterpart, Deputy Prime Minister Nick Clegg, who was in Dublin at a British-Irish Council meeting of governments and legislators.
"I think we should not be prisoners of what rating agencies think. I know they are extremely powerful. I know they are extremely influential, but I think we need to put it into perspective that this is an opinion," Mr. Gilmore said.
Mr. Clegg also told the press briefing that the downgrade, if confirmed, underscored the importance of the next meeting of European Union leaders on Jan. 30 to work toward improving Europe's fiscal and competitiveness problems.
Protesters Gather at S&P's Paris Office
A small crowd of protesters have gathered outside Standard and Poor's Paris office to protest France's imminent triple-A credit ratings downgrade.
"We are not sheep!" chanted the group waving flags and signs with big "A"'s painted on. "Resistance! Resistance!"
The gathering follows the calls from left-wing politician Jean-Luc Mélenchon to rise up against capitalism and the expected decision to downgrade France by Standard & Poor's Ratings Services.
"We are fed up and we must resist," said Pierre Bray who was waving his banner 'Rating Kills'. "It's time finance learned a lesson."
Mr. Bray and the 30 other supporters of Mr. Melenchon's Left Party have been standing in the cold for nearly an hour.
Mr. Bray expects more protesters to be joining him soon. "It could be worse," he says. "It could be raining."
(Photo: EPA)
U.S. Stocks Fall
U.S. stocks fell as fears of a credit downgrade of several euro-zone countries added to disappointing results from J.P. Morgan Chase.
The Dow Jones Industrial Average fell 120 points, or 1%, to 12350 in afternoon trading Friday, after tumbling as many as 159 points.
The Standard & Poor's 500-stock index dropped 13 points, or 1%, to 1282 while the Nasdaq Composite declined 25 points, or 0.9%, to 2700.
The declines came after reports that credit-rating firm Standard & Poor's could downgrade several euro-zone governments, including France, as soon as today.
Sarkozy Odds to Regain Presidency Go Out
Odds being offered by British bookmaker Ladbrokes on who the next French president will be. Has Nicolas Sarkozy been downgraded already?
- Francois Hollande 4/6
- Nicolas Sarkozy 6/4
- Francois Bayrou 12/1
- Marine Le Pen 25/1
- Eric Cantona 100/1
Breaking News
- French Finance Minister To Speak At 1900 GMT On TV Following S&P Downgrade Report – TV Channel
- French Fin Min Baroin To Speak On France 2 in Evening News Program – TV Channel
- French Prime Minister To Hold Press Conference Saturday At 0930GMT
Spain Declines to Comment on S&P
The Spanish Finance Ministry expects Standard & Poor's to issue a statement on the credit ratings of euro-zone countries after "the close of New York markets," a ministry spokeswoman said Friday.
The spokeswoman, however, declined to comment on the content of the note.
Italy, Spain and Portugal will have their sovereign credit ratings downgraded by two notches by S&P Friday after the close of U.S. markets, French daily Les Echos reported on its website.
In December, S&P placed 15 of the 17 euro-zone countries on watch for possible downgrade, citing new systemic stresses that are pressuring the euro zone's credit standing as a whole.
Angela Merkel Declines to Comment
German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble declined to comment Friday on reports that Standard & Poor's Ratings Services has notified countries about a downgrade.
"I want to ask for your understanding that we can't comment now on things that haven't taken place yet," Ms. Merkel told reporters at a party event in Kiel, Germany.
She said at a scheduled press conference Saturday, all issues can be discussed in full length.
Arriving at the same meeting of the Christian Democratic Union, Mr. Schaeuble waved off questions about the downgrade and declined to comment.
French Finance Minister: 'Not a Catastrophe'
Francois Baroin, France's finance minister, said in an interview with France 2 television that the downgrade of France's treasured AAA credit rating by one notch, to AA+, isn't a catastrophe.
Additionally, he said that while France obviously would prefer a Triple A rating, ratings agencies "don't dictate French politics" and that no additional austerity package is planned as the government is committed to overhauling the country's economy.
"Of course we would have preferred to keep our Triple A credit rating," Mr. Baroin said . But markets had anticipated the move that was expected since S&P had warned it was putting France's credit rating under watch and was considering a downgrade.
The government will continue overhauling the country's economy and will even amplify the changes, Mr. Baroin said, adding that France's weakness was the high labor costs.
But the government doesn't plan a third additional austerity package, he insisted.
Germany's Schaeuble: We Shouldn't Overrate Assessment Of Ratings Firms
German Finance Minister Wolfgang Schaeuble played down the significance a downgrade by Standard & Poor's of France and the potential downgrade of Austria.
"In recent months, we have grown to agree world-wide that we shouldn't overrate the assessments of rating agencies," Mr. Schaeuble is quoted as saying on the RTL television broadcaster. "It's not new that there is a great uncertainty in financial markets regarding the euro zone," he added.
He was speaking at the sidelines of an election rally in the Northern German state of Schleswig-Holstein.
Austria Is to Get Downgrade
Standard and Poor's Ratings Services will downgrade Austria's triple A credit rating by one notch and place the country on negative outlook later this evening as part of a number of downgrades of euro-zone countries, a European Union government official said.
The continuing euro zone debt crisis and developments in Hungary were the cause for the downgrade, the person said, adding that Standard and Poor's sees Austria as more integrated into the euro-zone economy than other countries.
The negative outlook includes a 30% chance of a further downgrade in 2012 and 2013. Another downgrade could occur should Austrian banks be further negatively affected by the euro zone crisis and Hungary, than they are, or if the economy would worsen more than expected. If it became necessary that the Austrian government recapitalize Austrian banks, pushing up its own debt above 80% of gross domestic product, or a recession brought government debt above the 80% threshold, a downgrade would be likely, the source cited Standard and Poor's as saying in its downgrade notice.
The rating agency placed Austria and 14 other euro-zone countries on credit watch negative at the end of last year.
Greek CDS Hold Steady
There has been no movement in Greek credit default swaps despite the pause button being hit on debt-restructuring talks.
Five-year default insurance on an equivalent of $10 million of Greek debt is still quoted at 69 points upfront, according to Markit data–equivalent to $6.9 million due at the outset of the contract plus $500,000 in annual coupon payments. Those levels price in a "near certainty of default" already, notes Markit's Gavan Nolan, "so there was never likely to be much movement" on the news of a setback in talks.
ESF Bond Yield Rises
The yield on the European Financial Stability Facility benchmark bond maturing April 2022 rose on the S&P news. The 10-year benchmark saw its yield rise to 3.144% from around 3.128%, according to Tradeweb.
Downgrade Fears Muted in Eurodollar Futures
Near-dated eurodollar futures settled mostly flat despite the fresh credit fears in Europe, which typically wield a heavy hand in the market.
Art Nolan, a Chicago-based interest-rate futures broker, says that is because the central banks' concerted effort in late November to free up U.S. dollar funding continues to reverberate in the market, tamping down the lending rates that Eurodollars track.
Front-month March '12 contract settled half a basis point higher at 99.52, seeing U.S. dollar Libor at 0.48% by contract expiration, while December '12 Eurodollars unchanged on the day, continuing to see Libor at 0.575% by year-end.
Road Map: Key Events Ahead
France was set to lose its prized triple-A credit rating and several other euro-zone countries were expected to be downgraded by Standard & Poor's late Friday, potentially setting in motion a series of events that will be damaging to the stability of euro-zone financial markets.
The move could complicate fund-raising efforts for the euro zone's rescue fund, the European Financial Stability Facility, which plans to sell its fist six-month Treasury bills at an auction Tuesday. Click here for coming events.
S&P Lowers France's L-T Ratings To 'AA+'; Outlook Negative
The following is a press release from Standard & Poor's:
Standard & Poor's Ratings Services said today that it lowered the unsolicited long-term sovereign credit rating on the Republic of France to 'AA+' from 'AAA'. At the same time, we affirmed the unsolicited short-term sovereign credit rating at 'A-1+'. We also removed the ratings from CreditWatch with negative implications, where they were placed on Dec. 5, 2011. The outlook on the long-term rating is negative.
S&P Affirms Germany's 'AAA/A-1+' Ratings
Standard & Poor's Ratings Services today affirmed its unsolicited 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Federal Republic of Germany. The outlook on the long-term rating is stable.
S&P Lowers Spain's Ratings To 'A/A-1'; Outlook Negative
Standard & Poor's Ratings Services said today in a press release that it lowered its long- and short-term sovereign credit ratings on the Kingdom of Spain to 'A/A-1′ from 'AA-/A-1+'. At the same time, we removed the ratings from CreditWatch with negative implications, where they were placed on Dec. 5, 2011. The outlook is negative.
S&P Downgrades Weaken Region's Bailout Fund At Key Moment
Standard & Poor's Ratings Services' downgrade of France weakens the ability of the euro zone's rescue fund, the European Financial Stability Facility, to help the bloc's troubled states—just at the moment when Greece is desperate for support.
The EFSF, as the fund is known, is an unusual construct. It has no capital of its own. Instead, it relies on borrowing against the good credit of the stronger countries to help the weak. That is a problem when the boundaries between strong and weak become fluid.
S&P late Friday stripped France of its prized triple-A credit rating and also lowered the triple-A rating of Austria, part of a broad move to downgrade nine euro zone nations.
The downgrade of France, along with that of Austria, removes two of the EFSF's six triple-A-rated backers—at least from the viewpoint of Standard & Poor's. France is the EFSF's second-largest guarantor, after Germany.
At worst, the downgrades—particularly if other ratings firms follow—could substantially reduce the sums that the EFSF can deploy to help countries in crisis. At the least, it will make the EFSF's job more difficult.
S&P Lowers Austria's Ratings To 'AA+'; Outlook Negative
Standard & Poor's Ratings Services today lowered the long-term sovereign credit ratings on the Republic of Austria to 'AA+' from 'AAA'. We removed the ratings from CreditWatch, where they were placed with negative implications on Dec. 5, 2011. At the same time, we affirmed the short-term sovereign credit rating on Austria at 'A-1+'. The outlook on the long-term rating is negative.
S&P Lowers Slovak Republic's Ratings To 'A'; Outlook Is Stable
Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the Slovak Republic to 'A' from 'A+', and affirmed the short-term 'A-1′ rating. At the same time, we removed all ratings from CreditWatch with negative implications, where they were placed on Dec. 5, 2011. The outlook is stable.
France, Eight Others See Ratings Cut
S&P removed France's prized triple-A long-term credit rating, downgrading it and Austria to AA+. It also cut the ratings of Italy, Portugal, Spain, Cyprus, Malta, Slovakia, and Slovenia, and warned of future cuts, saying policies to address the debt crisis may be insufficient. See full story
Loss of Triple-A Deals Blow to Sarkozy
Standard & Poor's Ratings Services' decision to strip France of its prized triple-A debt rating, arriving just over three months before France's presidential elections, exposes President Nicolas Sarkozy to hard criticism from his many challengers, creating a sizable weak spot in his re-election bid.
The loss of the country's top-notch rating is likely to impose higher borrowing costs on the euro zone's second-largest economy. But it also lands a particularly hard blow on Mr. Sarkozy, who had positioned himself as the defender of the country's financial standing during the sovereign-debt crisis. The president justified efforts to push through unpopular programs—a pension reform and deficit-cutting austerity measures—as necessary to defend France's triple-A rating. Read full story
Investors Snap Up Treasurys
Treasurys got plenty of love Friday as chatter about ratings downgrades across the euro zone, which finally materialized late in the day, dragged yields to their lowest levels in weeks.
Investors' scramble for safety sparked one of the more lively sessions for a market that has been stuck in a tight trading range for weeks. Benchmark 10-year Treasury yields at one point slid to their lowest mark in nearly a month, while five-year yields sank to their lowest level since late September.
Germany Releases Statement on S&P Ratings
Germany's government has taken note of Friday's announcement by ratings agency Standard & Poor's, the finance ministry said in a statement following the downgrade of France, Austria, and several other euro zone countries.
Implementing the conclusions of the last European Union summit and anchoring concrete fiscal rules in a binding agreement will stabilize the public finances of euro-zone members, helping to restore and maintain market confidence in a sustainable manner, the ministry said. It added that recent developments had shown that markets are honoring those efforts, the statement said.
"Our determination to strengthen Germany's public finances and to work towards the resolution of the sovereign debt crisis in the euro-zone is beyond doubt. The same holds for our partners in the region," the ministry said.
Euro Zone Faces Rate Leap Backward
Heard on the Street: Standard & Poor's has delivered a stinging rebuke to the euro zone. After a review of 16 countries, nine saw ratings cuts Friday, including France, Spain and Italy. While expected, it still reinforces to investors how far-reaching the crisis is. In combination with stalling talks on Greece's debt, the positive start to 2012 risks being overwhelmed.
The key actions were on France and Italy. France was cut to double-A-plus with a negative outlook, while Germany retained its triple-A crown and stable outlook. That differentiation may yet drive already rock-bottom German yields even lower, as ultra-safety-conscious investors conclude there is only one liquid euro-zone safe-haven asset left. It may also contribute to political strains between the two key euro-zone countries and undermine the European Financial Stability Facility. Read full story
French Banks Thrust Into Limelight
Standard & Poor's downgrade of France's triple-A rating again thrust the country's banks into an uncomfortable spotlight.
French banks, which have been wrestling with worsening economic conditions and slumping markets for months, could now suffer the same fate. They have seen their shares plummet since the start of the summer on concerns of overexposure to the sovereign debt of Europe's periphery. Read full story
European Exodus in Search of Jobs
Economic distress is driving tens of thousands of skilled professionals from Europe, and many are being lured to thriving former European colonies in Latin America and Africa, reversing well-worn migration patterns. Read full story
Lawmaker Calls for Lowering Rating Firms' Influence
The credit downgrades from Standard & Poor's Ratings Services must prompt lawmakers to introduce a bill that reduces banks and insurers' dependence on rating firms' assessments, a senior lawmaker of Chancellor Angela Merkel's conservative party said.
Read the full story.
France PM: Budget Measures Sufficient
French Prime Minister Francois Fillon said Saturday the government would press on with planned reforms but wasn't mulling fresh austerity measures, one day after U.S.-based agency Standard & Poor's Ratings Services downgraded France's treasured triple-A credit rating.
Facing the press hours after S&P stripped France of its top credit rating, which it had held since 1975, Mr. Fillon sought to downplay the downgrade in front of anxious voters, who will cast their ballot to pick the next president in 99 days.
"This decision is an alert which should not be dramatized, but should not be underestimated either," Mr. Fillon said.
The downgrade, which is likely to impose higher borrowing costs on the euro zone's second-largest economy, landed a particularly hard blow on President Nicolas Sarkozy, who had positioned himself as the defender of the country's financial standing during Europe's sovereign-debt crisis.
The president justified efforts to push through unpopular programs—a pension overhaul and deficit-cutting austerity measures—as necessary to defend France's triple-A rating. Other reforms, aimed at increasing the country's competitiveness and stemming the shift of industrial jobs abroad, are scheduled to be discussed and possibly adopted by the end of the month.
S&P's decision to leave Germany's triple-A rating unchanged exposed a deepening gulf between Paris and Berlin, with France looking increasingly incapable of holding up to Germany and politically weaker in the tough negotiations to resolve the euro-zone crisis.
Mr. Sarkozy and German Chancellor Angela Merkel have held themselves up as the main driving force steering the EU through the debt crisis, presenting other EU countries with compromise solutions that Paris and Berlin had agreed upon ahead of key EU meetings.
France has often counted on the support of southern nations, including Italy, to counterbalance Germay's calls for fiscal orthodoxy, a stance backed by the Netherlands and Finland—both triple-A rated countries.
Mr. Fillon denied that the ratings downgrade would skew the negotiating balance in favor of Germany. "There's no reason our relationship should change," he said. "The destinies of France and Germany are completely linked."
Merkel: Must Not Water Down Europe's Fiscal Pact
The downgrades of European countries by Standard & Poor's hasn't been a full surprise and highlights the necessity that Europe's planned fiscal pact must not be diluted, German Chancellor Angela Merkel said Saturday.
Speaking at an event of her conservative Christian Democratic Union, Ms. Merkel also said that the fiscal pact must be finalized and implemented quickly.
She downplayed fears that S&P's downgrades would harm severely the euro's temporary bailout facility, the European Financial Stability Facility.
"This won't torpedo the work of the EFSF," Ms. Merkel said.
Merkel Also Calls for Speedy Start to ESM
German Chancellor Angela Merkel on Saturday told reporters that the Standard & Poor's ratings downgrades underscore that Europe must work toward implementing the euro zone's permanent bailout facility, the European Stability Mechanism, which is scheduled to start on July 1 and which has a cash component, "as soon as possible" because this is important for investors' confidence.
"I don't believe that the downgrade has any influence at all on Germany having to do more than others," she said at an event of her conservative Christian Democratic Union. "Instead, we must broaden the basis of our rescue facilities, which we can only do with the ESM because all countries will provide cash" for the facility.
Mrs. Merkel also said she was open toward ideas to change legislation that would allow financial players to be less dependent on rating agencies' assessments, given insurers' obligation to purchase sovereign bonds with triple-A rating.
"This is generating a self-reinforcing effect," Mrs. Merkel said. "That's why I believe it would be very useful to look into it and think about possible legal changes. I support this approach."
She referred to a proposal from a senior lawmaker of her party from earlier Saturday. Michael Meister, a lawmaker with the Christian Democratic Union, said new legislation was needed that would require banks and insurers to provide their own ratings on their investments instead of relying on rating agencies.
S&P: Policy Response Misguided and Risky
The euro zone's policy response to its debt crisis has been largely misguided and is building up future risks, Standard & Poor's analysts said in a conference call Saturday.
The call follows S&P's downgrades of over the half of the currency bloc's 17 sovereign nations. In doing so, it became the first credit-rating firm to strip France and Austria of their gold-plated AAA ratings, and cut Portugal and Cyprus to junk status.
"The proper diagnosis would have to give more weight to the … rising imbalances in the euro zone," said Moritz Kramer, head of European sovereign ratings, pointing to issues such as divergences in competitiveness from one country to another, reflected in huge imbalances in national current accounts.
Mr. Kramer said the centerpiece of a December summit, the adoption of tighter fiscal rules to avoid excessive deficits "wouldn't have identified the risks" in advance, as Germany had one of the largest budget deficits of all during the first 10 years of the euro's existence, whereas Spain had a largely balanced budget.
But Mr. Kramer stressed that S&P isn't calling for more fiscal stimulus from the countries with the biggest debt problems, saying that they have neither the room, nor enough credibility in the debt markets, to try to spend their way out of trouble.
"That certainly wouldn't be regarded as a credit positive, not by our metrics at least," Mr. Kramer said.
He identified a number of near-term risks for the region, highlighting the apparent breakdown of talks between Greece and its private-sector creditors. He said that Greece's debt burden has to be cut, and warned that a disorderly default could shake market confidence, making it harder for countries to keep rolling over maturing debt. Italy alone has to refinance more than €130 billion of debt between February and April, he said.
Mr. Kramer said S&P still believes that Greek bondholders could hope to recover between 30 and 50 cents on the euro, but said the likeliest outcome was toward the bottom of that range.
Also in the call, Mr. Kramer was critical of the euro zone's bailout vehicles, saying that the European Stability Mechanism appeared set up to act as a preferred creditor, subordinating all current holders of euro-zone bonds in the event of a debt restructuring.
French Budget Minister: Must Persevere With Reforms
France must persevere with its reforms to improve competitively and to reduce its deficit, French budget minister and government spokeswoman Valerie Pecresse said Saturday.
Speaking in an interview on French television channel France 3, Ms. Pecress said that the government "does not underestimate" the decision by Standard & Poor's to downgrade France from its triple-A credit rating.
"It's a strong signal for France… It's necessary to continue with the reforms," she said, reiterating earlier comments made by French Prime Minister Francois Fillon, trying to downplay the downgrade in the run up to French presidential elections in 99 days.
Live Blog Is Closing Down
The live blog is closing down now. For continuing coverage of reaction to the S&P downgrades, read here.


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Opened 8 years ago
Closed 5 years ago
#9195 closed Bug (fixed)
Paginator.page() should raise PageNotAnInteger when given a NoneType value
|Reported by:
|Owned by:
|Triage Stage:
|Has patch:
|Needs documentation:
|Needs tests:
|Patch needs improvement:
|Easy pickings:
The documentation suggests that Paginator.page() raises PageNotAnInteger for non-integer values, however passing it None raises a TypeError. I would imagine this is a fairly common use case. If a URL optionally has a search string that specifies a page number (eg. ?page=3) you would want to pass request.GET.get('page') to Paginator.page. However, if the request lacks the search string, page() should logically return the PageNotAnInteger exception.
>>> from django.core.paginator import Paginator >>> objects = ['john', 'paul', 'george', 'ringo'] >>> p = Paginator(objects, 2) >>> p.page(1) <Page 1 of 2> >>> p.page("Pete Best") Traceback (most recent call last): File "<console>", line 1, in <module> File "/home2/ether2/webapps/migration/lib/python2.5/django/core/paginator.py", line 37, in page number = self.validate_number(number) File "/home2/ether2/webapps/migration/lib/python2.5/django/core/paginator.py", line 25, in validate_number raise PageNotAnInteger('That page number is not an integer') PageNotAnInteger: That page number is not an integer >>> p.page(None) Traceback (most recent call last): File "<console>", line 1, in <module> File "/home2/ether2/webapps/migration/lib/python2.5/django/core/paginator.py", line 37, in page number = self.validate_number(number) File "/home2/ether2/webapps/migration/lib/python2.5/django/core/paginator.py", line 23, in validate_number number = int(number) TypeError: int() argument must be a string or a number, not 'NoneType'
Change History (7)
comment:1 Changed 8 years ago by kmtracey
- Needs documentation unset
- Needs tests unset
- Patch needs improvement unset
- Triage Stage changed from Unreviewed to Design decision needed
I'm not sure this is such a common thing, I think it is more likely that programmers have protected against 'page' not being in the search string by specifying a sensible default on the get, e.g. request.GET.get('page', 1). Technically changing the exception raised would be backwards-incompatible (though I doubt anyone has written code that depends on this behavior...still, it's impossible to know for sure). I'd be inclined to adjust the doc instead of the code to address this.
comment:2 Changed 8 years ago by anonymous
- milestone post-1.0 deleted
Milestone post-1.0 deleted
comment:3 Changed 7 years ago by thejaswi_puthraya
- Component changed from Uncategorized to Core framework
comment:4 Changed 6 years ago by julien
- Component changed from Core framework to Documentation
I agree with Karen and therefore change the component of this ticket to address this case in the documentation.
comment:5 Changed 6 years ago by gabrielhurley
- Triage Stage changed from Design decision needed to Accepted
Bumping to accepted from DDN. Correcting this in the docs is fine with me.
comment:6 Changed 5 years ago by lukeplant
- Severity set to Normal
- Type set to Bug
comment:7 Changed 5 years ago by Horst Gutmann <zerok@…>
- Easy pickings unset
- Resolution set to fixed
- Status changed from new to closed
- UI/UX unset
This was already addressed by SmileyChris in [16026] with a change to the Paginator.validate_number method which now raises a PageNotAnInteger exception on ValueError as well as on TypeError.

subset: commoncrawl


text:
: Economics
A tax hike for the wealthy won't kill growth.
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Baby Lee
Got Jesse's Girl
Join Date: Aug 2000
Location: 465 Lick My Butthole Lane
Casino cash: $58698
Originally Posted by
It is not a talking point. It's a straight up pure fact.
This country build the largest middle class in the history of the world after WWII. It's the reason we gained so much power post WWII. The reason we are the economic leader of the world. No one is even close.
We strengthen the middle class, we strengthen our economy and America. It's the middle class, stupid.
Maybe if the rest of the world were bombed to the stone age again, we could be the sole provisioner of their recovery goods for a nice while.
Our post WWII prosperity wasn't a function of high taxation. It was us being the only industrialized entity around to feed, clothe and equip the world.
Get ready for the skin circus, you little peanut.
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Emergency Physician
8 years of experience
8 years of experience
130 Seminole St
Pontiac, MI 48341 Phone number & directions
130 Seminole St
Pontiac, MI 48341 Phone number & directions
License & Identifications
A medical license is required for a doctor to practice medicine in a particular state. Requirements vary by state but most require, at a minimum, post-graduate training in the doctor's specific specialty. An NPI number is a national identifier unique to an individual health care provider and is managed by the Center for Medicare & Medicaid Services (CMS).
Learn more about Dr. Kirk Whyte:
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Education & Awards
Dr. Whyte graduated from Lake Erie College of Osteopathic Medicine at Erie.
Dr. Whyte has 1 hospital affiliations:
- POH Medical Center
Home > Find an Emergency Physicians > MI > Pontiac Emergency Physicians > Dr. Kirk Whyte, DO
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- Additional Information
- Dr. Kirk Ricardo Whyte DO is a male Emergency Medicine Specialist, has 8 years of experience and practices in Emergency Medicine.
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- Dr. Kirk Whyte has 1 office location.
Dr. Kirk Whyte practices Emergency Medicine near Pontiac, MI.
See Pontiac Emergency Physicians.


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Book your room at Les Vallées Hôtel & Résidence
Get an overview of this hotelFamily-friendly ski hotel with a restaurant
Located near the slopes, this La Bresse hotel is within 1 mi (2 km) of La Bresse Square and La Bresse Ice Rink and close to winter sports such as cross-country skiing and snowshoeing. La Bresse Brabant Ski Area is 2 mi (3.2 km) away.
Hotel Features
After a day on the slopes, return to Les Vallées Hôtel & Résidence to dine at the restaurant, drink at the bar/lounge, and enjoy comforts including an indoor pool and a steam room.
Room Amenities
All 110 rooms provide conveniences like refrigerators and microwaves, plus free WiFi and minibars. Other amenities available to guests include room service.Would you like to give us feedback? Share it! Opens in a new window
Les Vallées Hôtel & Résidence31 Rue Paul Claudel La Bresse Vosges 88250
Renovations & Closures
- Swimming pool
Hotel Amenities
Hotel Amenities
After a day on the snow, enjoy a relaxing soak in the spa tub and an invigorating swim in the indoor swimming pool. At the end of the day, order après-ski drinks at the hotel's bar.
The hotel offers a restaurant. Public areas are equipped with complimentary high-speed wireless Internet access. Complimentary self parking is available on site.
- 24-hour front desk
- Arcade/game room
- Total number of rooms - 110
- Number of floors - 3
- Bar/lounge
- Breakfast available (surcharge)
- Coffee/tea in common areas
- Free newspapers in lobby
- Elevator/lift
- Billiards or pool table
- Tours/ticket assistance
- Free WiFi
- Terrace
- Restaurant
- Pool sun loungers
- Year Built 1990
- Free self parking
- Number of meeting rooms - 7
- Tennis on site
- Sauna
- Number of buildings/towers - 2
- Spa tub
- Steam room
- Indoor pool
Family Friendly Amenities
- Family Hotel
- Indoor pool
- Free Wi-Fi
- Arcade/game room
- Playground on site
- Refrigerator
- Microwave
- Cribs/infant beds (complimentary)
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Free self parking
Room Amenities
- Refrigerator
- Minibar
- Microwave
- Free WiFi
- Room service (limited hours)
- Free cribs/infant beds
Where to Eat
Buffet breakfasts are available for a surcharge and are served each morning between 7 AM and 10 AM.
Le Diamant - Overlooking the garden, this fine-dining restaurant specializes in French cuisine and serves lunch and dinner. Guests can enjoy drinks at the bar. A children's menu is available.
Room service (during limited hours) is available.
Nearby Things to Do
An indoor pool and a spa tub are on site. Other recreational amenities include a sauna.
Children under 18 years old are not allowed in the swimming pool or spa tub without adult supervision.
The recreational activities listed below are available either on site or nearby; fees may apply.
- Downhill skiing nearby
- Cross-country skiing nearby
- Snowshoeing nearby
- Hiking/biking trails nearby
- Mountain biking nearby
- Playground on site
- Racquetball/squash on site
- Rock climbing nearby
Spa Services
- Hot stone massage
- Steam room in spa
- Massages
- Body treatments
To make requests for specific accessibility needs, complete the "Special or Accessibility Requests" section of "Trip Preferences" when you book your hotel.
- In-room accessibility
Hotel Policies
Check-in time starts at 2 PM
Check-in time ends at 5:30 AM
Check-out time is 11 AM
Payment types
- Pets allowed for an extra charge of EUR 8 per pet, per night
- 1 per room
- Restrictions apply
- For more information contact the property at the number on the booking confirmation
You need to know
Extra-person charges may apply and vary depending on hotel policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
No rollaway/extra beds available
- A tax is imposed by the city: EUR 1.10 per person, per night. This tax does not apply to children under 18 years of age.
Optional extras
- Fee for buffet breakfast: EUR 13.00 for adults and EUR 6.50 for children (approximately)
- Pet fee: EUR 8 per pet, per night
Hotel Name
- Vallées Hôtel & Résidence
- Vallées Hôtel & Résidence La Bresse
- Vallées Résidence
- Vallées Résidence La Bresse
We should mention
Children 5 years old and younger stay free when occupying the parent or guardian's room, using existing bedding. Guests can arrange to bring pets by contacting the property directly, using the contact information on the booking confirmation (surcharges apply and can be found in the Fees section).
National Rating
This hotel has received its official star rating from the French Tourism Development Agency, ATOUT France.


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schumi is a joy to watch, if there is a chance for a win, he wont prance around waiting for it to happen. he will take it by the throat in one go! the way he did in China when he smelled blood and took the renaults by the balls!Schumi is a GOD!


text:
- Report: #286659
Report - Rebuttal - Arbitrate
Complaint Review: Petecology
Petecology14822 Venture Drive Dallas, Texas U.S.A.
Petecology charged for unasked for product Dallas Texas
*Consumer Comment: About those free samples...
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This report was posted on Ripoff Report on 11/25/2007 07:36 PM and is a permanent record located here: http://www.ripoffreport.com/r/Petecology/Dallas-Texas-75234/Petecology-charged-for-unasked-for-product-Dallas-Texas-286659. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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#1 Consumer Comment
About those free samples...
AUTHOR: Striderq - (U.S.A.)
SUBMITTED: Monday, November 26, 2007POSTED: Monday, November 26, 2007
And don't feel bad, a lot of people get hit with this from all kinds of companies. Sometimes even if cancelled within the set number of days they still seem to be charged. But you can get it stopped & get your money back.
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After installing i got a white screen. After uninstalling the white screen remains. Now I have to find out what this plugin installation did.
Nice widget, makes no conflict and gives a really cool display in all WordPress themes.
Only one suggestion, could you make tab title icon optional, just because may be some people would not like to show it in-case it mismatches from their theme's color patterns.
It is tested up to 3.5
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- Overview
- Transcript
- View Offline
- Importing photos from a computer, camera, or iPhoto
- Adding photo captions
- Reviewing your photos as a slideshow
- Moving and renaming files and folders
- Reconnecting missing files
- Creating albums
- Applying keyword tags
- Identifying people in your photos automatically
- Organizing photos by events
- Adding location data to photos
- Finding photos
- Saving smart searches
Skill Level Beginner
Another way that we tend to think of our photos is by the events that they depict, and so Adobe has given us one more way to organize our photos, and that is by Events. You can create Events either manually, as I'll show in the movie, or automatically, as I'll show you in the next movie about Smart Events. To create a new event manually, you can be either in the Events View--Which you can access by clicking here--or in Media View. I usually do this for Media View because that way I could make events from all the photos in my catalog or the photos in a selected folder or album.
I've selected this folder of photos, which contains photos from more than one event, this summer during a trip to France. I'd like to organize these into events without moving them out of this folder. To create a new event for some of these photos, I'll go down to the Taskbar at the bottom of Media View and I'll click Add Event. That opens the Add New Event panel in the column on the right. I'll type a name for this event, I'll call it Train Ride. And because events are related to the dates on which the photos are taken, I'll enter a start and end date for this event.
Of course, some events may take place over more than one day; these photos were all taken on the same day so the start and end dates will be the same. I'll click the calendar to the right of start date, and I can use the Month and Year drop-down menus to set the start date. And then to set the day, I'll click on the day in calendar. And I'll do the same for the end date. By the way, if you don't remember the dates on which you took photos, just look at the date under the thumbnails in Media View.
And if that isn't showing, as I said before, you can go up to View menu and enable Details. In the Add New Event panel, in the description area, I can type some notes about this event. I took a lot of train rides in France and I'd like to remember which one this was. So, I'll type Lyons to Paris. And then down here, I'll populate this event with photos. I can drag in one photo at a time by clicking on it in Media View and then dragging into this area of the Add New Event panel; that is called the Media Bin.
Or I can select multiple photos, which makes more sense if you are including lots of photos from a folder or from your catalog in an event. I'll select one of these and I'll hold the Shift key and select the other, and then I'll click on either and drag them both into the Media Bin. Now I am done creating the event so I click the Done button. Then I'll click off of those photos to deselect them. Here in Media View, I can see whether a particular photo is already in an event because it will have this little icon at the bottom right of its thumbnail.
And if I hover over that icon, I can see the name of the event. Before I jump over to Events View, I'm going to make one more event. This time, instead of dragging photos into the event, I'm going to select the photos that I want in the event first. I'll click on this photo and I'll hold the Shift key and click on this photo. Those are all photos of a bike ride that we took in France. To put all of those photos into the same event, I'll click the Add Event button in the Taskbar in Media View with all of the five photos selected, and that automatically adds them to the Media Bin in the Add New Event panel in the column on the right. And it automatically set the start date and the end date.
The Organizer is smart enough to find that information in the photos. So all I have to do is add a name for the event and a description if I want. I'll name this event Bike Ride, and for the description, I'll put Burgundy Vineyards. And then I'll click Done. And now when I hover over the icons under any of these photos, I get a little label that tells me the name of the event that that photo is in. And by the way, a photo can be in more than one event.
When I'm done creating events, I'll jump over to Events View to see the results. And here in Events View, I have a separate stack of photos for each of the event that I've made. To see the contents of a stack in Events View, just like for the stacks in People View, I'll move my mouse back and forth over that stack. And if I want to see the photos next to one another, I'll double-click on the stack. And then to see the stacks again, I'll click the Back button. Notice that each stack includes the event name and dates.
And, there's a little i icon, which stands for information. If I click that icon, I can see the description that I added to the event when I created it. Now imagine that you'd already created lots of events. To quickly get to events from particular dates, you can use the calendar on the right side of Events View. I'll change the calender from all years to 2012 and I'll be able to see all of the years in this list for events that I've created. In the 2012 calender, I'll see all of the months highlighted that contain photos that are in events.
All the photos in my events were taken in May, so May is the only month highlighted. If I click May, then that opens the calendar for that month, with all of the days on which photos in my events were taken, highlighted with a blue border. If I want to see the events from May fourteen, I would select May fourteen. To see the events from May fifteenth, I'll select that date. So you can see that this is a useful way to zero in on events taken in a particular year, a particular month, or on a particular day.
To go back to see all of my events, I'll click the Clear button at the top of the calendar. I have a few more options if I right-click a stack here in Events View. Here, I have the option to edit an event, which allows me to change its name, or its dates, or its description. I'll just leave these as is and I'll click Cancel. Or, if I no longer want an event, I can remove it completely from my Events View; and I have the option here to view all the photos in an event as a slide show.
I'll select Slide Show. When I move my cursor, that brings up the Control bar in Full Screen View, which I showed you in earlier movies. And I can click the x to exit Full Screen View and go back to the Events. So that's a really delightful way to see all the photos from one event. And finally, if I'd like a different photo to be on the top of an Event Stack, just like in People View, I can do that by moving my cursor over the event until I see the photo that I want and then right-clicking and choosing set as cover.
So that's how to create events manually and work with events here in Events View. There's another way to create events, and that's automatically, using Smart Events, as I'll show you how to do in the next movie.


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We loved the Forbidden Vancouver Tour in April 2012, so we attended "The Lost Souls of Gastown". WOW!!!! This was not just a historical tour. It was a well written, magnificent theatre performance. Historical information was woven together into an incredible spell-binding experience. Hopefully this tour will be offered year round so we can tell our friends to attend!
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text: Posted September 5, 2014 I wouldn't really care if you did. I think it's funny how high-and-mighty the soccer fanboys get on here if I post a picture of Rusty Wallace I personally think it's funny that we generated more traffic in this forum in one month then Nascar ever has, and Nascar fans are obviously salty about it or poo like this wouldn't happen. But to each their own I suppose.... It has no place in a Soccer thread. It would be like posting a picture of Peyton Manning in a thread about Kelvin Benjamin. Or better yet, posting a picture of Sidney Crosby in a thread about Kelvin Benjamin. What even prompted you do go spamming soccer threads anyway? Share this post Link to post Share on other sites


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Short Row Confusion
Hi!!! I am the new knitter on the block and I would like to vent regarding my experiences with the infamous Short Row knitting stitch.
Presently, I am working on a Shoulder Wrap. As instructed I cast on 38 stitches and when I came to stitch #23 I am supposed to turn the work, do the short row stitch, which I did, but my question is: what happens to the remaining 15 stitches?????????? since I am knitting back to the beginning of the row?
I keep knitting and pulling out. By the time I get this project done, Spring will be here and I will not need the Wrap anymore.
Until the next time.....................bas
I guess the answer I posted in my blog thread didn't help, I'll leave it to someone else to explain. Meanwhile, can you link to your pattern, sometimes that's helpful.
I moved your thread to the How-to Forum. The Blog Forum is only for blog threads and if you want answers to knitting questions it's best to post in the correct forum so you'll get more views.
Thanks, Jan, maybe what I posted wasn't even seen then. LOL I just wanted to be sure the OP gets the help needed.
Welcome to Knitting Help!
You can deal with the remainig 15sts in the easiest way possible, just ignore them for the moment. Eventually the instructions will tell you what to do with those sts. Maybe you'll do a final row across all sts or you may have some rows that gradually incorporate those sts. Read a bit further in the pattern and you'll see that those sts are brought into the shawl.
And don't worry, plenty of weather ahead for you to wear the wrap.
Thank you! I will try to figure out where all these different threads are.
Thank you! Bas
When you're on the main page of the forum it'll show you all the different forums. When you click the link it'll take you to the forum with all the threads. :thumbsup:
Here's what I posted on the other thread.
Knitting short rows really isn't hard but the concept can be.
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Little nest - K5 w DA*300 on Sirui tripod/ballhead
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Re: Little nest - K5 w DA*300 on Sirui tripod/ballhead
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Paris Saint-Germain are top dogs in France but now they need to prove Champions League credentials despite halting their big spending ways
- PSG start their French title defence at Reims on Friday
- French champions are almost nailed on for the domestic title again
- But they have had problems in Europe and lost to Chelsea last campaign
- Now they face harsh FFP restrictions that also plague Manchester City
- They receieved a £49million fine, could not increase their wages for two years and were told to 'significantly limit' their transfer spending
- David Luiz's £50m arrival is the only big fee paid this summer
- Laurent Blanc must find way to utilise Zlatan Ibrahimovic and Edinson Cavani
- PSG start their season without some of their World Cup stars
It was Demba Ba's unlikely hurrah and the away goals rule which did for Paris Saint-Germain in Europe last season, but as they approach the beginning of a new campaign in which they will once again target Champions League glory, a more fundamental obstacle lays in their way.
The French champions, enhanced by the untold wealth of Qatar Sports Investments since 2011, were sanctioned similarly to Manchester City for breaching UEFA's financial fair play regulations and have had to tailor their moves in the transfer market accordingly.
When winning the continent's premier club title by 2016 has been the stated target all along, it was unsurprising to hear club president Nasser Al-Khelaifi call the punishment a 'tremendous handicap'.
VIDEO Scroll down to watch PSG sign Luiz, Di Maria not following
Talisman: PSG hopes will again pin on Zlatan Ibrahimovic's form - which has been good in pre-season
New boy: David Luiz has linked up with the PSG squad but there won't be many big money signings this year
Missing link: Edinson Cavani has been disappointed not to play in his natural position since joining the club
Unrelenting: Laurent Blanc will be under pressure from owner Nasser Al-Khelaifi this season in Paris
Close run: Demba Ba scored the winner for Chelsea last season as they knocked PSG out on away goals
Devastated: Champions League success still seems to evade the twice-quarter finalists
Javier Pastore - Palermo - £37m
Thiago Motta - Inter Milan - £10m
Total spend: £94m
Thiago Silva - AC Milan - £37m
Lucas - Sao Paulo - £35m
Ezequiel Lavezzi - Napoli - £25m
Zlatan Ibrahimovic - AC Milan - £18m
Marco Verratti - Pescara - £11m
Total spend: £132m
Edinson Cavani - Napoli - £57m
Marquinhos - Roma - £28m
Yohan Cabaye - Newcastle - £22m
Lucas Digne - Lille - £13m
Total spend: £120m
David Luiz - Chelsea - £50m
Total spend: £50m
PSG were fined £49million, told not to increase their wage bill for the next two campaigns, and to 'significantly limit spending' in the market while curbing losses to no more than £24m next year.
Laurent Blanc's team have won the last two Ligue 1 crowns, finishing ahead of Monaco at a canter last season by nine points, and with France's other mega-wealthy side losing James Rodriguez to Real Madrid this summer it seems a formality the domestic title will once more head to the capital.
But it is in the Champions League where the owners want success, explaining why PSG paid a staggering £50m for David Luiz, who won the trophy with Chelsea in 2012. 'To be clear -- the players I want, I'll have them,' Al-Khelaifi had also said. Luiz joins Marquinhos, who moved from Roma last summer, in a rather costly Brazilian centre back pairing.
Such a purchase may seem to fly in the face of the financial regulations but it should be their only large cash signing this window. A different method beckons.
Ivory Coast defender Serge Aurier has signed from Toulouse on a season-long loan with an option to make the move permanent, circumventing the transfer cap for this season. A similar arrangement could also bring Argentina winger Angel Di Maria from Madrid to Paris.
Yohan Cabaye, signed for £20m from Newcastle in January, is another addition to the squad which started last season's Champions League with a 4-1 win at Olympiacos.
Even more domestic success: Ibrahimovic lifts the French season-opening Champions Trophy in Beijing
Back in business: After a summer with no World Cup the Sweden striker is back in form at his club
Desire: Cavani wants to play a central role but Ibrahimovic's presence makes it difficult for the Argentine
Working it out: Blanc should have no trouble retaining the domestic title but Europe is another matter
In action: Serge Aurier has arrived at the club on loan after a good World Cup with the Ivory Coast
2010-11: Europa League round of 16 - lost 2-1 to Benfica
2011-12: Europa League group stage - finished third behind Athletic Bilbao and Red Bull Salzburg on goal difference
2012-13: Champions League quarter final - lost on away goals (3-3) to Barceloba
2013-14: Champions League quarter final - lost on away goals (3-3) to Chelsea
The conundrum for Blanc was always how to fit £53m man Edinson Cavani with star performer Zlatan Ibrahimovic, who cost £31m in 2012. The Uruguayan was upset at playing out wide while the Swede plundered 40 goals in all competitions and has been consistently linked with a move away.
Cavani, who scored 16 league goals in his debut campaign, said last week that he would be staying but he added: 'It is important for an attacker to play in a position that is natural for him. Everyone knows what my position is and there is no point talking about it again.'
Ibrahimovic will see this as an important season too however. He turns 33 in October and perhaps this is his final opportunity to win the trophy he and his club covet most.
He scored both PSG goals against Guingamp to win France's curtain-raising Champions Trophy in Beijing last weekend – one a long-range screamer – and in a poll for L'Equipe, 65 per cent said he would be the top scorer for the third year running.
VIDEO PSG sign Luiz, Di Maria not following
Expensive assets: £50million Luiz is greeted by Ibrahimovic upon arriving in Paris with his new club
Real quality: Thiago Silva trains with Marco Verratti and Ibrahimovic during pre season
Decisions to make: Blanc has had great success on French soil, now it's time to beat FFP and win in Europe
But despite all the silverware that had followed Qatari gold, Ibrahimovic knows the main objective. 'To do better than last season,' he said. 'We had a fantastic season winning three trophies. We are focused on keeping this project growing and moving forward.
'There is pressure on us but the players who are here are used to that. To say that we are a great team is not enough. We have to prove it on the field.'
PSG start the season on Friday night with a match away at Reims but Luiz, Thiago Silva and Maxwell have not featured in pre-season following the World Cup, and Cabaye, Blaise Matuidi and Ezequiel Lavezzi are also behind schedule.
'The beginning of the season is as complicated as it was last season,' said Blanc. 'We will try not to give up too many points on the road but I'm happy with what the players have done so far.'
To be truly satisfied, success further afield must follow.
On their way back: Ezequiel Lavezzi is one of a number of the squad set to miss the start of the season
Bring it on: Jean-Christophe Bahebeck and Ibrahimovic will hope the lack of spending won't impede them
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When she cried for 3 hours non stop last night, we broke down and called her pedi who said to give her some acetaminophen because it sounded like she was in pain. We did, although I am very uncomfy giving her pain meds. We think maybe she has a very sore throat with the cough.
Hylands tiny cold tabs and hylands cough med do not seem to be working. Wondering if anyone knows other homeopathic or natural remedy that may work?
Honestly, when I had a 10 month old who was coughing to the point of vomiting and would not be consoled, I took him to the doctor where he was diagnosed with pneumonia. He was very near being hospitalized. He had a high fever for three days and didn't want me to put him down, ever. He had previous colds where he played happily at my feet and wanted extra snuggles but not with a relentless fever and total clinginess. Motrin did not help.
I hope your baby is feeling better. If not, I would definitely take her to a pediatrician. I must add that if your child seems to be fine other than the fever and cough it is probably nothing serious. The thing that told me my baby was seriously sick was that he would not let me put him down, along with the fever that burned him up without relief.
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Skip to comments.LIVE THREAD: John Kerry 1971 Testimony Before Senate Foreign Relations Cmte.
Posted on 08/26/2004 4:09:09 PM PDT by Howlin
33 years later, he's still doing it.......
That is a good thing. I sent $25 a couple of days back. Maybe next payday, I can do the same.
1st tool of deception he used -- flattery!!!!! (to the committee)
Just played his race card.
"The Vietnamese didn't know the difference between communism and democracy." I am sure they know the difference now.
Yes, and I thought I couldn't despise any politican more than the Clintons. It's nothing near the disgust I find for this traitor.
"Yet...this country blamed everything on the Viet Cong"
UNFIT for command!!
Makes us out to be more corrupt than the VC.
Racism! It's always racism. What hill did you climb you yellow SOB?
"Who wrote this for Kerry."
Adam Walinsky, previously speechwriter for Robert Kennedy.
Pass it on!
Would you please pass that tip along to Juan Williams and Max Cleland?
No, traitor, YOU suck.
How many months was that for you John? About 4?
Alleges that we made this a racial war!
Has anyone else noticed that it is all cut up??/...CSPAN is a lestist propaganda pusher...BARF ALERT
Kerry's Weapons of Mass Deception Count:
1. Flattery
2. Race Card
Thanks, Fedora.
I am NOT hearing this!
Calls vietnanization immoral!
Amazing, he talks about taking various hills, I didn't know that the navy was involved in taking hills with Swift Boats.
I was just thinking that yesterday!
"The Vietnamese didn't know the difference between communism and democracy." I am sure they know the difference now.
You said it brother! Kerry acts as if we shouldnt try to help extend freedom to them since they are ignorant fools.
And he says this after he claimed thAT the Gov placed a cheapness on the lives of orientals!
That is a new one. Yet, pretty much goes to the root.
Hang in there Tonk..
The last man to die for a mistake line.
His accent is driving me nuts!
"How can you ask a man to die for a mistake?"
My thought exactly. I think that's the only truth I've ever heard out of this traitor's mouth!
It sounds like he's reading directly from his POS book.
I hope my vet friend at work doesn't watch this. It took him years to get over it.
I am listening to the edits of c-span and ready to vomit...I am married to a dem who cannot be bothered to listen tonight, and all I can think of is
BlACKS RAVAGED
YOu noticed it too? I call it his lizard lip-licking thing - it makes my skin crawl.
He sounds like Major Charles Winthrop (or whatever his name was) from the tv series M*A*S*H.
Under us not a free people.
"We cannot fight communism all over the world...we should have learned this lesson by now"
OMG...he's a traitor.
"we cannot fight communism all over the world"
how deluded he is
When I was in college, I prided myself on keeping up with current events. Kerry's testimony, as well as the work of people like Walter Cronkite, made me think that anti-war protests were justified. Heck, I even voted for McGovern.
I have discovered over that last 20 years that I was lied to. I was manipulated by people like Kerry and Cronkite.
I am determined that these people be discredited. They deliberately manipulated American public opinion in order to make the US lose the war. They are evil.
Yeah, I noticed that--and that the ad cuts off before Bush gets a chance to respond.
Tonk, you are among friends. Those who care about you, and they are many, will work for the end that is right. We love you. Be calm, I pray.
Vets come back and they're not wanted. Wonder why?
John F. Kerry, 1972
Nary a word against the Vietcong.
Yep, F'n opined that.
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Organic Brown Rice Pasta
by Tinkyada
$3.69 - $3.89
- Wheat Free, Gluten Free
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- Source of Fiber
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Brown Rice Pasta is a wheat-free, gluten-free alternative to traditional wheat-based pasta. Made from stone-ground 100% quality rice, it complements a light diet. Use brown rice pasta as you would any regular pasta. It can withstand quite a bit of over-cooking without getting mushy. Tinkyada's entire factory and all machines are dedicated to the manufacture of rice pasta - no other grain or cereal - to prevent cross-grain contamination at production.
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Born:in Prestonsburg, Kentucky, USA
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