Tuesday, Apr 27, 2010
Greek bonds rated 'junk' by Standard & Poor
BBC: Greek bonds rated 'junk' by Standard & Poor
Greece's debt has been downgraded to junk status by ratings agency Standard & Poor's amid mounting fears its debt crisis is getting out of control.
Posted by cat and canary @ 05:16 PM (1926 views) Add Comment
12 Comments
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1. jack c said...
Spendid news - now should be the time to buy, after all they had Northern Rock AAA rated up to the day it needed BOE to act as lender of last resort.
2. alan said...
A game of brinkmanship is in play.
There are a number of stakeholders in this "game" each wanting the best for their team.
In any game such as this, its wise to know how far you can push the other party. If you haven't weighed the consequences - why... anything can happen.
I think things will get worse. As I said a few weeks back, it looks like a slow moving train crash!
3. miken said...
.. and what's the UK's exposure to these junk bonds? Perhaps now is time to move money out of PIGS related banks? I now find the story today which says Lloyds has little or no more bad debt very hard to believe.
4. enuii said...
Santander springs to mind!
5. mark said...
and a downgrade for portugal too
wonder when it is our turn?
6. mken said...
From the Spiegel, graph showing what Greece owes to foreign banks
.
As a % of GDP, Switzerland in most exposed.
7. debtfree said...
The fuse is lit.
This is europe's version of the US sub prime crisis, surely ?
8. devo said...
glad i don't live in Andere
9. alan said...
Devo,
I think Andere means "other ones".
debtfree,
I don't think its quite the same as sub-prime. The Greeks have the money, they don't want to pay income tax, VAT etc on their transactions. They want the benefits, but won't pay the taxes.
Anyway....lots more pain coming as force meets unyielding objects....
10. tenant super said...
GB exposure, a piddling 12,3 milliarden bucks or the cost of an average semi in Belsize Park.
11. general congreve said...
Here we go, now it's happening at flippin' last. Got gold?
12. Millaise said...
milliarden is billions, but you are right that in about 11 generations it might be the cost of a UK semi.