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Value of Greek debt cut to record low | European Voice

Greece is now the country with the world's lowest credit-rating after its debt was downgraded today.

Standard and Poor's, the credit-rating agency, lowered Greece's long-term sovereign debt rating by three notches, indicating that it considers a default to be highly likely.

With eurozone politicians considering involving private creditors in a new bail-out and extending maturities on existing loans, Standard and Poor's said this would be classed a default.

In a statement this evening, Standard and Poor's said: "In our view Greece is increasingly likely to restructure its debt in a manner that, under the conditions of any package of additional funding provided by Greece's official creditors, would result in one or more defaults under our criteria."

The announcement sent Greek ten-year bond yields to more than 17%, almost the highest level seen since the introduction of the euro.

How many billions for this result?

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jun 13th, 2011 at 03:59:51 PM EST
There's an irony here. Greece is far from the poorest, or the most precarious economy in the world. But the actions of the ECB and the rest of the EU - alongside the credit-rating agencies rather make this a self-fulfilling prophecy...
by Metatone (metatone [a|t] gmail (dot) com) on Mon Jun 13th, 2011 at 05:29:07 PM EST
[ Parent ]
Do I get this right? Is the mighty ECB afraid of rating agencies junk-rating the Greek bonds on its books?

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Tue Jun 14th, 2011 at 05:21:31 AM EST
[ Parent ]
That's one way to put it.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Tue Jun 14th, 2011 at 05:33:29 AM EST
[ Parent ]

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