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What, they mean that Greece having been shut out of the capital markets for over a year and recently downrated to the worst credit rating on the planet isn't bad enough already?
In that context, what is it that the "rescue" is going to accomplish for Greece? They acknowledge it won't return to the markets until 2013, and it will remain with a high debt to GDP ratio so its rating will continue to be low even after that.
Economics is politics by other means
what is it that the "rescue" is going to accomplish for Greece?
I didn't realise until reading it yesterday, that for some agencies, there is a rating below C: D.
Bond credit rating - Wikipedia, the free encyclopedia
Moody'sStandards & PoorFitchCredit worthiness - C C The obligor is CURRENTLY HIGHLY-VULNERABLE to nonpayment. May be used where a bankruptcy petition has been filed. C D D An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became due.
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