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Go cry us a fiat river! — El Salvador’s bitcoin adoption has “immediate implications” for rating – S&P Global

Go cry us a fiat river! — El Salvador’s bitcoin adoption has “immediate implications” for rating – S&P Global



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11 Comments

  1. tldr; El Salvador’s adoption of bitcoin as legal tender has immediate negative implications for its credit rating, S&P Global said on Thursday. The main risks were that it could threaten its hopes of securing a support programme with the IMF, increase fiscal vulnerabilities and hurt banks by creating currency mismatches when they dish out loans, it added. Moody’s cut its El Salvador rating to Caa1, its equivalent of one rating notch below B-

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. It might be that I just woke up but I feel like that this article is a case of how to say a lot of words about nothing. There’s not much in terms of explanation of why this hurts El Salvador’s rating. No explanation what that metric is based upon, nothing.

  3. To be honest El Salvador’s rating has been spiraling down for a long time, while the volatility of btc can affect it, the indicator usually includes a lot of macroeconomic factors …. for example by 2019 the country had a public debt of around 70% of gdp , and this was BEFORE the pandemic , for april 2021 it was around 95%

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