Monday, June 13, 2011

Greek Debt Downgraded to Speculative

link here to article

S&P downgraded Greek debt to its lowest rating above default. Greece has substantial financing needs as debt matures this year through 2014. It appears that some kind of restructuring will be required or help from the ECB and the IMF will have to be substantiated. The big issue will be how the world reacts to a Greek default. It may have a profound impact on Portugal, Ireland and other countries that are in trouble.

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