Moody’s rating agency has downgraded Greek bonds to C, the lowest possible level on their rating scale. The downgrade came in the wake of the new arrangement that forced lenders to write off even more Greek debt. Moody’s warns that the country is still at risk of default.In other news, President Obama has warned Israel not to launch a pre-emptive strike against Iran.
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1 comment:
In accounting terms, Greece already has defaulted. No amount of spin from the Eurocrats and their financial accomplices will make any difference to the grim reality.
What a debacle.
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