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| Europe | |
| Greece rejects Moody's 'junk' rating | |
| 2010-06-15 | |
| Greece's finance ministry on Monday rejected a decision by Moody's rating agency to slash the country's sovereign rating to "junk" status. "This downgrading in no way reflects the progress we have made in the last few months, nor the opportunities opened by our budgetary stabilisation and the improvement of our country's competitiveness," it said in a statement.
Moody's said it had dropped its rating for Greece by four notches from A3 to Ba1 on concerns about how Athens can repay its debts. "This uncertainty represents a risk that leads Moody's to believe that Greece's creditworthiness is now consistent with a Ba1 rating, a rating which incorporates a greater, albeit, low risk of default," Moody's said. | |
| Posted by:Steve White |
| #9 Seems Moody's does not consider going yet further into debt to be a good thing. |
| Posted by: mojo 2010-06-15 16:27 |
| #8 "I reject your reality and am substituting my own!" -- from the great fantasy/sci-fi badfilm "The Dungeonmaster". |
| Posted by: Anonymoose 2010-06-15 09:39 |
| #7 This is the second great depression, folks the central bankers have just staggered it so it rolls across the world at different times. 2010 might be year of the Eurozone but then it will be China's turn maybe by staggering the collapse it will drag on longer but be milder ... i wonder what the heads of the world's central banks talked about when they met in Sydney early this year. They were all there... China, Bernanke, ECB's Trichet, BoE, RBA etc |
| Posted by: anon1 2010-06-15 09:22 |
| #6 During March 2009, the Congressional Budget Office estimated that gross debt will rise from 70.2% of GDP in 2008 to 100.6% in 2012. Left out: We will already be there at end 2010 (debt 100% of GDP). CBO was only off by 200%. |
| Posted by: ed 2010-06-15 08:47 |
| #5 So what's below junk? The US gov is on an even faster greased slide to hell than the Greeks. Much of the bailouts were (and still are) done off book and does not show up in the federal budget numbers but the taxpayers still have to pay for them. Gross US fed gov debt: 2008 $9,985.8 2009 $12,311.4 - diff $2,325.6B (FY2009 fed budget deficit $1,410B) 2010 (est.) $14,456.3 -- est diff $2,144.9B (est FY2010 fed budget deficit $1,600B) During March 2009, the Congressional Budget Office estimated that gross debt will rise from 70.2% of GDP in 2008 to 100.6% in 2012. |
| Posted by: ed 2010-06-15 08:38 |
| #4 I sure as hell wouldn't expect to get any money back I invested in Greece... so ya, junk status works for me. |
| Posted by: DarthVader 2010-06-15 08:06 |
| #3 In other news: Vandersloot rejects Peruvian prison. |
| Posted by: Besoeker 2010-06-15 04:10 |
| #2 Greece's "rejection" of the rating means nothing. It is what it is. Only when acceptance comes will they begin the road to recovery. Apparently they are still in the denial phase. |
| Posted by: crosspatch 2010-06-15 03:36 |
| #1 "Am not!" "Are too!" |
| Posted by: gorb 2010-06-15 02:19 |