Moody's credit rating agency has just downgraded Greek debt, yet againn - you are not reading the same news from the past - this time by three notches.
It also warned that the eurozone rescue was almost certain to trigger another two-notch cut to default status.
Fitch agency had done the same on Friday.
Moody's Investors Service said that the second rescue announced on Thursday meant that private sector holders of Greek bonds "are now virtually certain to incur credit losses."
This latest rescue for Greece involves initially up to 2014 about 110 billion euros from eurozone governments in various forms and 50 billion euros from banks. Moody's said the effect would be "limited."
"the current uncertainty about the exact market value of the securities creditors will receive in the exchange."
"if and when the debt exchanges occur, Moody's would define this as a default by the Greek government on its public debt."
Monday, July 25, 2011
Moody's and The Greek Tragedy: Downgrades Again and Says Default "Almost" Certain
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2011
(510)
-
▼
July
(19)
- Brazilian Real: Most Overvalued Currency in the World
- Jim Rogers Video: U.S. Debtonation
- ERJ, Embraer Profit Rises 51%, Stock Jumps
- Roubini: Greek Package Just Buys Some Politicians ...
- 'Speculators Beware": Brazil Sends New Warning as ...
- The Sad Chart: RIM to Cut 2,000 Jobs, 11% of Workf...
- Moody's and The Greek Tragedy: Downgrades Again an...
- What is Going On? Greece Back on the News: Germany...
- The U.S.' Debt: Worse Than Eurozone 17; Yet No Dow...
- Moody Places U.S. Under Review
- Goldman Sachs O'Neill: Eurozone Will Not Absorb It...
- Inflation Rises to 6.8% in China, Food Prices Soar
- U.N. Says Food Prices To Remain Costly For Years
- Brazil Says Currency Wars Are Still On; More Measu...
- Moodys Downgrades Portugal to Junk Status
- S&P Deals Big Blow To Greece Plans: When A Default...
- Roubini: U.S. Needs More Stimulus; Fiscal Train Wr...
- 3-Years Later... BAC and JPM Cutting The Principal...
- S&P Warns on Greece Again, Mentions It's a Default...
-
▼
July
(19)
No comments:
Post a Comment