The credit rating agency Standard & Poor's cut its outlook for the Kingdom of Spain to “negative” on Wednesday,
marking the third time this week the credit agencies have raised concerns about the financial health of governments worldwide.
S&P affirmed its long-term “AA+” credit rating for Spain but cut the outlook from “stable” saying the country “will
experience a more pronounced and persistent deterioration in its public finances and a more prolonged period of economic weakness
versus its peers.”
The cut in the outlook indicates that Spain's credit rating might be at risk for a downgrade over the next two years, S&P
said, unless the government takes “more aggressive actions” to tackle the country's indebtedness. The agency projects Spain
to have a debt burden at approximately 67% of its GDP in 2010.
“Spain's sizable fiscal
and economic imbalances requires strong policy actions, which have not yet materialized,” said S&P analyst Trevor Cullinan
in a statement.
The news about Spain, which is a member of the Eurozone, had an immediate impact on the markets. The euro lost its earlier
gains against the dollar and commodity markets sold off. The iShares MSCI Spain Index (EWP), which tracks 85% of Spanish-traded stocks, was down 1.2% in Tuesday trading. Banco Santander
(STD), the country's largest bank, was
down 3.5%.
Spain is the latest country to face market concerns that the multiyear recession and trillions of dollars in stimulus might
impair government balance sheets over the long term. Fitch cut its credit rating on Greece one step on Tuesday while Moody's
issued a report saying that the U.S. and U.K's “Aaa” ratings might be at risk over the long term.
“In general the Brits do overdo it,” said Al Griffiths, an English doctor who has been based in Val d'Isère for 12 years. “It's in the culture of the place: you go skiing, you have a vin chaud, you have an après- ski beer, you have wine with dinner in the hotel and before you know it you've gone over your weekly limit.”
The bawdy reputation of “les Anglais” is well-established. Taxi drivers despair of British students trying to walk home on their own; barmen chuckle at miniskirts worn at -15C. Even the tourists themselves recount vomiting in the snow and falling over. One former doorman said: “Stand outside Dicks [Tea Bar, a popular venue] when the season has taken off and you'll see a dozen or so guys dressed as Tarzan in leather pants.”
It is this culture of drinking with little regard for the Alpine conditions which the Foreign Office warns can lead tourists into risky territory, from minor mishaps such as lost passports to more serious, potentially fatal accidents.
Consuming alcohol when 1,850m above sea-level can make people feel drunk more quickly and when inebriated they are much less equipped to deal with the slippery ground and sub-zero temperatures, it points out.
While Griffiths says it is hard to tell which of the many ski-slope accidents during the season are directly caused by alcohol, he believes there is at least one alcohol-related death – and many more near misses – in Val d'Isère alone each year. Already this month, he said, a British girl working in a local chalet had been found walking home on her own in the early hours, with no coat on and no idea where she was going.
As ski resorts come under greater scrutiny, an atmosphere of blame and suspicion has set in. Bar owners are defensive and keen to stress they refuse to serve anyone who is obviously drunk.
Tour operators such as Wasteland and Off the Piste – the company formerly known as On the Piste with which Ward was travelling – insist they do all they can to ensure their on-site representatives are educated in the risks. Bryn Robinson, Off the Piste's managing director, said his company was “doing as much proactive work as possible'' to educate its reps.
But many locals feel personal responsibility must be the baseline for any tourist. “The information is all out there,” said one Englishman who has lived in Val d'Isère for years.
Dos and don'ts
• Do make sure you have adequate travel insurance. The EHIC card is not sufficient for skiing holidays as it does not cover rescue or repatriation missions.
• Don't assume your limits will be the same as they are at home. Altitude can alter how your body reacts to alcohol.
• Do keep drinking water. The more dehydrated you are, the quicker alcohol will go to your head.
• Do find out the phone number of the local medical services upon arrival.
• Don't let drunk friends go home alone. Always make sure they are accompanied in a taxi or shuttle bus.
• Don't go out without clothing that will protect you against the cold, and definitely don't try to wear anything on your feet other than sensible winter footwear when walking on icy roads.
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Every year, it just seems to creep up on you. Just like that. Valentine's Day. Most guys probably dread it. But you have to remember that your girlfriends and wives really hope that you'll take the time out and do something special for them. Don't disappoint her this year. The following is a list of romantic Valentine's Day ideas that will surely sweep her off her feet.
Chick Flick Marathon
I hate that phrase “chick flick.” But, there are those movies out there that lean towards the more feminine variety. Make a list of all the chick flicks that she loves and have them ready to watch. A movie night with all her favorite tear-jerkers, sob stories, and cheesy movies will surely tickle her heart. Cuddle up with her and a big bowl of popcorn and enjoy a beautiful night. Don't forget the box of tissues for all those chick flick moments in the movie.
Be the Chef Tonight
Cook for her-she'll appreciate the effort even if all you can cook is toast and scrambled eggs. If your woman is typically the cook in the house, let her relax on Valentine's Day. A romantic nice thought that will melt her heart is seeing you in a stained apron, sleeves rolled up, and sweat beading on your forehead. Remember, it's her night, so if you can muster it, try to make her favorite dish. Throw in some appetizers, dessert, and a bouquet of roses and she'll have a memorable Valentine's Day.
Have a Spa Day
It may take you out of your comfort zone, but you can spend a relaxing day at the spa together. What's a more romantic Valentine's Day gift then spoiling your girl with massages, aroma-therapy, and a facial wit her man right by her side enjoying it with her. Even if you're not comfortable, try to enjoy the day, because remember its about making her happy and you might be surprised at how much you'll enjoy the experience, too.
Roomful of Balloons
This romantic Valentine's Day idea might take a little time and thought, but you can survive one day of effort. Surprise your girl with a roomful of pink, red, and white balloons. Hide a secret gift in one of them and let her pop the balloons until she finds the “secret” balloon. You can hide a stuffed animal, concert tickets, or (dare I say!) a piece of jewelry like a ring inside the special balloon. She'll love the creativity and thought you put into the special event.
Rose Petals and Candlelight
It's a classic Valentine's Day idea that will always be one of the most popular romantic gestures. Lead a trail of fresh red rose petals to the bedroom. Greet her with a roomful of rose petals sprinkled everywhere accented by candlelight. It will set her heart on fire. As cheesy and overdone this whole concept is, if you haven't done it already, your woman deserves to have that classic moment she thinks only happens in the movies happen to her.
12 Days of Valentine's Day Gifts
If you really want to do something special for your lady on Valentine's Day, what's more romantic than giving her a gift everyday for the 12 Days Before Valentine's Day? Send her a singing telegram. Send her a cookie bouquet. Leave a long-stemmed rose and a box of chocolates in her car one day. Tie a bunch of red, white, and pink balloons on her doorknob. Buy her a giant teddy bear and leave it on her doorstep. And every girl loves a bouquet of beautiful roses to be delivered to her office. The possibilities are endless.
Remember that Valentine's Day is a time for both of you to express your love for eachother. With a little time, effort, and care, you can make this Valentine's Day one of the most romantic you two will ever share together.
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