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GreeÑe downgraded to bottom rung as default loomsPublished: 03 March, 2012, 18:55Edited: 03 March, 2012, 23:22Financial 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.
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.
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?
