Agency Cuts Greece’s Debt Rating Again |
| New York Times - Jun 13, 2011 |
Standard & Poor’s, the credit ratings agency, lowered its rating for Greek debt to CCC in the latest sign that the market believes that Greece will be forced to default on its debt. The three-notch downgrade puts Greece among the lowest-rated countries in Europe.
The downgrade comes at a particularly awkward time for Greece. The government is attempting to persuade legislators to accept a fresh set of austerity measures. At the same time, Germany, the dominant economy in the 17-member euro zone, is proposing that private sector bond holders accept some form of a loss on their Greek bonds as a condition for a broader rescue package for Greece that could approach 100 billion euros.
While one more downgrade for Greece is unlikely to change matters much, it does put some more pressure on the Germans who have been facing pressure from the European Central Bank to not restructure Greek debt.
Read Full Article from New York Times
- Posted: 2011-06-13 14:35:09
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