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Fitch Cuts Greek Debt Rating to Just Above Junk
Money News ^
| 04/09/10
Posted on 04/11/2010 7:07:35 AM PDT by TigerLikesRooster
Fitch Cuts Greek Debt Rating to Just Above Junk
Friday, April 9, 2010 11:21 AM
Greece was hit with another financial headache Friday after Fitch Ratings slashed its credit rating on the country's debt because of mounting concerns about the government's ability to get a handle on its debt mountain.
Fitch, one of the world's big three ratings agency, lowered its rating by two notches to BBB negative and said that the outlook on the country remains negative.
The downgrade means that Greek debt remains investment grade — but only just. Another downgrade would make Greece's debt junk status — an ignominious position for a country using the euro currency.
Fitch said its latest downgrade reflects "the intensification of fiscal challenges" following more adverse prospects for economic growth and increased interest costs — on Thursday the country's borrowing costs spiked sharply higher as panicy bond investors fretted about the possibility that Greece could default on its debts.
Fitch said the downgrade reflected "ongoing uncertainties about the government's financing strategy in the context of increased capital market volatility."
(Excerpt) Read more at moneynews.com ...
TOPICS: Business/Economy; News/Current Events
KEYWORDS: debt; fitch; greece; rating
To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
2
posted on
04/11/2010 7:07:56 AM PDT
by
TigerLikesRooster
(The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
To: TigerLikesRooster
Greece is in trouble,but I’ve been told that the real trouble will be in Spain.What do you think?
3
posted on
04/11/2010 7:12:35 AM PDT
by
Farmer Dean
(stop thinking about what they want to do to you,start thinking about what you want to do to them)
To: TigerLikesRooster
To: Farmer Dean
If Greece goes, Spain or Portugal is the next. Greece is small but Spain is big enough to cause real economic damage, not just political problem of EU’s unity.
5
posted on
04/11/2010 7:22:54 AM PDT
by
TigerLikesRooster
(The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
To: TigerLikesRooster
California next?
And the whole of the USA in 10 year’s time if we don't kick 0bozo and the Democrats out in November and 2012?
To: SmokingJoe
IMHO the only way out for the US is to refuse to pay SS and Medicare. Monetizing the debt would be a far worse outcome for everyone. Facts are facts we simply don't have the wealth to support them any longer. That would ruin my life but what is, is.
7
posted on
04/11/2010 7:46:58 AM PDT
by
Nuc1
(NUC1 Sub pusher SSN 668 (Liberals Aren't Patriots))
To: TigerLikesRooster
Another downgrade would make Greece's debt junk status — an ignominious position for a country using the euro currency. How long will the "euro" exist? Anyone's guess?
8
posted on
04/11/2010 11:46:20 AM PDT
by
GOPJ
(http://hisz.rsoe.hu/alertmap/index2.php?area=dam&lang=eng)
To: TigerLikesRooster
Tied with California, which also sports a BBB- rating.
9
posted on
04/11/2010 12:49:50 PM PDT
by
Freedom_Is_Not_Free
(Bye bye Miss American Freedom. When did we vote for Communism?)
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