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The opponents argue that rating agencies will interpret the early rollover as a default, causing actual default, and spreading elsewhere.

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

by Migeru (migeru at eurotrib dot com) on Wed Jun 15th, 2011 at 03:22:46 PM EST
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