Greeсe downgraded to bottom rung as default looms

[BlueStateSaint]

Yeah, it's Russia Today, but I had heard this last night.  The first domino is teetering . . .

Greeсe downgraded to bottom rung as default looms

Published: 03 March, 2012, 18:55
Edited: 03 March, 2012, 23:22

Financial rating agency Moody’s has downgraded Greece’s credit rating to the lowest possible level. It’s the third credit agency to take Greece down a notch or two recently, raising the question - is a Greek meltdown inevitable?
 
Moody’s downgraded Greece’s rating from Ca to C on the basis that the possibility of a debt default remains high.

The agency says C-rated bonds "are the lowest-rated class and are typically in default, with little prospect for recovery of principal or interest."(That's my emphasis.--BSS)

The downgrade is a reaction to a debt restructuring deal with private creditors that would see them make a significant loss in their holdings.

The Moody’s move follows a familiar pattern whereby ratings agencies tend to target Greece right after European leaders have taken concrete steps to avoid a Greek default.

When Greece goes (March 20th, they have an $18 billion interest payment due!), it will affect every developed country, to include ours.

http://rt.com/news/greek-downgrade-moody-default-765/

[thundley4]

I read somewhere recently that US per capita debt is actually more than Greece. Not a good sign.

[bijou]

Greece will default at some point, but don't rule out the Germans making one last push to avoid default this month.  They and the French are desperate to save the Euro.

[thundley4]

Greece will default at some point, but don't rule out the Germans making one last push to avoid default this month.  They and the French are desperate to save the Euro.

Kind of funny that Germany is one of the most economically strong countries, yet it was them that didn't go hog wild with deficit spending to prop up their economy.  IIRC , Merkel even chided Obama about spending so much.

[Rugnuts]

when greece defaults, will it be sold to the highest bidder?
who'd bid on it? china, iran, soros?

[FreeBorn]

Ayup, the turd is already airborne and sailing downrange toward the whirling blades.
This is going to create quite the tsunami when it hits. So what are we to make of all of this, that unfortunately once again socialism was somehow misapplied and it really just needs another go so it can all be proven sound next time around? 

[obumazombie]

Ayup, the turd is already airborne and sailing downrange toward the whirling blades.
This is going to create quite the tsunami when it hits. So what are we to make of all of this, that unfortunately once again socialism was somehow misapplied and it really just needs another go so it can all be proven sound next time around? 

Whenever liberalism/socialism fails, the libs always make the excuse, it's a very good idea, it just wasn't implemented right. The libs always seem to think socialism is a fresh cutting edge promising idea. It's like socialism has no track record to compare itself with.

[Ptarmigan]

Not surprised by it.

[Wineslob]