Skip to comments.Moody's cuts Greece government ratings to junk
Posted on 06/14/2010 10:45:38 AM PDT by Kartographer
Moody's Investors Service on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country.
The agency downgraded the rating by four notches to Ba1, placing it one notch into junk status. The outlook is stable.
Moody's also downgraded Greece's short-term issuer rating to not-prime from Prime-1.
(Excerpt) Read more at reuters.com ...
Here we go....
Of course - stable junk! Who's next - Spain?
so, what now?
That is going to leave a mark.
The horse has been out of the barn for quite some time. And they’ve now decided to close the door?
All of Eastern Europe is going to be going thru times that make America even now look like one Big New Years Eve blowout. Serbia, Ukraine, Bulgaria, Romania, all of them are going to go under very bad it seems. Heart wrenching, as these nations full of honorable and God loving good people have suffered mnore than enough for several lifetimes. They have hapless, quasi socialist govt’s and it seems like too many people there are breaking from their genuine Christian roots-I sure hope and pray I am wrong about this- and that is making it worse. At soem point they will say enough; after suffering Communism to various degrees and colonialism from Turks (Bulgariam, Serbia), Germans (Serbia) and Russians (Ukraine) I imagine there is not much more they will tolerate.
Even Moody’s doesn’t seem to understand that we aren’t simply “in a cycle.”
You’re absolutely right.
What’s your take on this? Is it as dire as it sounds?
Wish I had a dollar for every time someone posted that here at FR, I'd be rich.
If the DOW drops by more than 50 points it's a sure bet someone will post this sentiment.
You’re right...the destruction began on 11/4/08.
I think that they understand. They're just participating in the psychological game of "getting people to spend money". In other words, their goal was to make the people think that everything is OK and it's acceptable to carry on as usual. Kind of like our government telling everybody to go out and spend post-9/11.
Closing the barn door after the horses are out.
After 9/11 we were in a normal biz cycle (for a nation that had it’s economic center hit by terrorism)...things bounced back. After 11/4/08, all things changed - nothing is the same.
See post 18.
Great minds, and all that. :)
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