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Greece Angered As Moody's Cuts Credit Rating Again

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http://www.guardian.co.uk/business/2011/mar/07/greece-angered-moodys-cuts-credit-rating

The Greek government has accused ratings agency Moody's of acting recklessly after seeing its credit rating slashed again.

Moody's downgraded Greece by three notches on Monday morning, from Ba1 to B1 with a negative outlook, pushing it further into junk territory - B1 debt is classed as "highly speculative", and just five notches from the lowest possible rating.

The ratings agency warned that Greece is increasingly likely to default on its debts. It said there is uncertainty about the support available to Greece after 2013, when its current rescue package runs out, which could prompt a voluntary default within two years.

Moody's also questioned whether Athens will manage to implement its austerity plan, and criticised the country for failing to tackle its culture of "endemic tax evasion".

"The negative outlook on the B1 rating reflects Moody's view that the country's very large debt burden and the significant implementation risks in its structural reform package both skew risks to the downside," Moody's warned.

"While the Greek government has made some progress with the collection of value added taxes (VAT), Moody's notes that progress on income tax collection has been slower to improve – indeed, revenue shortfalls recorded in 2010 contributed to the upward revision in the country's deficit projections for that year," it added.

Dragging out the inevitable.

Greek debt is junk.

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I wonder when they'll question the UK's ability to implement its austerity plan?

Still nothing to worry about apparently, the Euro continues to move upwards...

No questioning of the UK's austerity plan is necessary. The value of UK debt is rising recently, dont you know, as our credit worthiness improves in spite of the ballooning deficit, zero cuts and falling tax revenues. Indeed, this is how socialists said it would work too, why was I so foolish not to believe them?

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http://uk.finance.yahoo.com/news/Moody-downgrade-tips-Greece-reuters_molt-2652312168.html?x=0

Moody's downgrade tips Greece closer to brink
Angeliki Koutantou and William Copaloadofthis, 16:28, Monday 7 March 2011
ATHENS/LONDON (Reuters) - Moody's slashed Greece's credit rating by
three notches
on Monday due to an increased default risk, raising the spectre that the distressed euro zone sovereign may have to restructure its debt, perhaps before 2013.

Cor--what if the other PIISB get downgrades this serious? :o

Time to stock up on Euros?

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There is a thread on this already here - http://www.housepricecrash.co.uk/forum/index.php?showtopic=160726

It was started 4 hours ago.

I'm beginning to wonder about your mental helath. 26k posts and you dont bother even reading the latest posts.

I suspected a long time ago that you werent kosher and I believe it now.

Whats your game? You trying to crowd out discussion with your obsessive posting?

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There is a thread on this already here - http://www.housepricecrash.co.uk/forum/index.php?showtopic=160726

It was started 4 hours ago.

I'm beginning to wonder about your mental helath. 26k posts and you dont bother even reading the latest posts.

I suspected a long time ago that you werent kosher and I believe it now.

Whats your game? You trying to crowd out discussion with your obsessive posting?

To be fair only 6,231 of his posts have been a new topic of a thread already on the first page.

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And just the other day the ECB were taking of rate rises :ph34r:

The Euro - a game of two halves, one half supplies the petrol the other half burns :lol:

Sadly I'm going to have to decline your offer of Euros RB I have enough useless Pounds ;)

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http://www.telegraph.co.uk/finance/economics/8366707/Greek-debt-price-soars-as-Moodys-cuts-credit-rating-cut-below-Egypt.html

The Greek government has reacted angrily to Moody's decision to cut the country's credit rating below that of Egypt, a move that prompted investors to dump the debt of other struggling European economies.

........

The row did little to reassures investors, who drove the yield on 10-year Greek bonds to 12.32pc, as prices for Irish and Portguese bonds also fell.

Egyptian debt is seen as more stable than Greece!

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The Greek Finance Ministry yesterday described Moody's move as "totally unjustfied".
:lol:
"The rating agencies are just running behind the market," said Christoph Weil, an economist at Commerzbank.

twas ever thus :rolleyes:

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http://market-ticker.org/akcs-www?post=181710

Warning: Pay Attention World

This is your future....

Greece’s credit rating was cut three steps by Moody’s Investors Service, which cited the rising risk of default. Greek bonds fell and the Finance Ministry in Athens called the move “completely unjustified.”

Uh huh.

Ireland, pay attention. Portugal, Spain - pay attention.

Tim Geithner and the US Congress: Pay attention.

You're seeing what's coming in advance. You're getting a "free" (well, not really, but it's "over there") lesson. This is what happens when you try to "protect" debt-holders instead of forcing them to eat the costs of their idiocy in lending to someone who can't pay.

We've done that here, it's been done worldwide. It cannot work, because the additional credit (debt) that has to be issued to cover the fools bad bets also carries interest and of course new principal which must be paid as well.

You can't cure alcoholism with a case of whiskey.

You can't cure debt addiction with more credit.

In both cases you must withdraw from the addiction. You must forego additional amounts of whatever it is you got hooked on. And you must suffer the inevitable pain that comes from withdrawal.

It is not optional. It cannot be avoided. It must happen.

You choose only whether you want a moderate hangover, a severe hangover, or life-threatening liver damage.

Hmmm whisky, I think I need a drink.

Dennigers take on the situation.

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There is a thread on this already here - http://www.housepricecrash.co.uk/forum/index.php?showtopic=160726

It was started 4 hours ago.

I'm beginning to wonder about your mental helath. 26k posts and you dont bother even reading the latest posts.

I suspected a long time ago that you werent kosher and I believe it now.

Whats your game? You trying to crowd out discussion with your obsessive posting?

Yaaaaaaaaaaaaaaaaaaaaawwwwwwwwwwwwwwwwn. :huh:

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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