Greek chance of default now 50:50, says Moody's
http://www.guardian.co.uk/business/2...chance-default
When will this sad conspiracy against the Greek nation cease?
Moody's has cut Greece's credit rating again, to almost the lowest rank of any nation on Earth, and said there is now a 50% chance of them defaulting on its debts. The rating has been cut as Greece is going to fail in meeting its deficit reduction target.
Rex Regum
Re: Greek chance of default now 50:50, says Moody's
Well, too bad for Eurozone which is going to collapse in case a Greek default happens.
Under the patronage of Emperor Maximinus Thrax
"Steps to be taken in case Russia should be forced out of war considered. Various movements [of ] troops to and from different fronts necessary to meeting possible contingencies discussed. Conference also weighed political, economic, and moral effect both upon Central and Allied powers under most unfavorable aspect from Allied point of view. General conclusions reached were necessity for adoption of purely defensive attitude on all secondary fronts and withdrawing surplus troops for duty on western front. By thus strengthening western front [those attending] believed Allies could hold until American forces arrive in numbers sufficient to gain ascendancy."
~General Pershing, report to Washington, 26 July 1917
Re: Greek chance of default now 50:50, says Moody's
Haha, you reckon? How charming.
Rex Regum
Re: Greek chance of default now 50:50, says Moody's
As far as I can understand, the decrease of Greece's credit rating does not actively influence things, given that Greece is not going to take loans from the markets any time soon anyway.
Under the patronage of Emperor Maximinus Thrax
"Steps to be taken in case Russia should be forced out of war considered. Various movements [of ] troops to and from different fronts necessary to meeting possible contingencies discussed. Conference also weighed political, economic, and moral effect both upon Central and Allied powers under most unfavorable aspect from Allied point of view. General conclusions reached were necessity for adoption of purely defensive attitude on all secondary fronts and withdrawing surplus troops for duty on western front. By thus strengthening western front [those attending] believed Allies could hold until American forces arrive in numbers sufficient to gain ascendancy."
~General Pershing, report to Washington, 26 July 1917
Re: Greek chance of default now 50:50, says Moody's
It makes the cost of financing Greek debt higher, and the austerity measures due to be demanded for the next part of the bailout likely to be more severe.
Rex Regum
Re: Greek chance of default now 50:50, says Moody's
The European press suggests that Greece will take a 2nd package of money from the IMF. I also believe that. Greece will have a lot of years in front of her before entering international markets again.Originally Posted by Ferrets54
Under the patronage of Emperor Maximinus Thrax
"Steps to be taken in case Russia should be forced out of war considered. Various movements [of ] troops to and from different fronts necessary to meeting possible contingencies discussed. Conference also weighed political, economic, and moral effect both upon Central and Allied powers under most unfavorable aspect from Allied point of view. General conclusions reached were necessity for adoption of purely defensive attitude on all secondary fronts and withdrawing surplus troops for duty on western front. By thus strengthening western front [those attending] believed Allies could hold until American forces arrive in numbers sufficient to gain ascendancy."
~General Pershing, report to Washington, 26 July 1917
Dux Limitis
Re: Greek chance of default now 50:50, says Moody's
No it doesn't... don't post topics like these, you know better. The cost of financing greek debt has already been higher becuase people aren'ting stupid enough to buy into greek bonds without knowing they suck at financial management thus charging a higher risk premium. Furthermore, a 2nd bailout, which germany will have to do, is going to set a chain reaction for one or two things. An actual bonds market for EU and for once a REAL EU central bank or the eventual removal of the currency itself. Since I don't see either Germany or France agreeing to giving up soverignty to some bank in brussels I highly doubt the former would hjappen before the latter. So long euro.
Sure I've been called a xenophobe, but the truth is Im not. I honestly feel that America is the best country and all other countries aren't as good. That used to be called patriotism.
Campidoctor
Re: Greek chance of default now 50:50, says Moody's
Greece is what, 3% of the Eurozone economy? It wouldn't make the Eurozone collapse.
Worst case scenario is Greece kicked out of the Eurozone and defaulting, and several Franco-German banks getting a big mass of money from their states to avoid their bankruptcy. That would depress the markets a lot and destroy the greek economy, but the rest of the Eurozone will go on. But i doubt that this will happen in the short term, the word now is that Greece will get a second bail out, and there are serious talks about its creditors agreeing to delay payments, check the last bbc article on the issue.
In any case i honestly don't see how Greece is going to repay it's debts in the long term, their economy is a mess and from what i read the opposition is fighting the austerity measures (what is their alternative plan i ask).
My impression is that the idea is to give a lifeline to Greece for a few years, giving time to the EU states with the worst hit finances to fix them, and then when the situation is financially more solid let the Greeks go out and default, i cannot see another solution.
eh the situation for Greek people is really, really badGuilty to the bone i must add myself.
The problem though is what the
Just imagine.25-20% are unemployed and about a million are civil servants, 2 millions+ are retired. They won't get paid and the socio economical pyramid will collapse.. Pensioners will be screwed for sure. If i was a young greek i would get a degree and then emigrate asap, it will be the only way for a few years.
lol on that we agree, they are incompetent and biased, the EU should move and create a European rating agency.
Nha, a return to the old currencies would screw every Eurozone member economy badly, Germany and Frances included, so your first option is what will likely happen. The Italian finances minister have proposed for years to create Eurobonds, to finance the rescue packages and the big European infrastructure projects, and in recent interviews i saw he hinted at the fact that other governments, that were cold on the issue in the past, are all realizing that this is the only way forward.No it doesn't... don't post topics like these, you know better. The cost of financing greek debt has already been higher becuase people aren't
In any case that would be just one more element of a system of increased coordination and cross verification of the Eurozone members budgets (no more greece fixing the books) that have been already agreed. It's a matter of fact by now that member states economies are so linked with each other that that will be necessary. And Eurozone states pressuring each other to make stable budgets can only be good imho.
Factum est illud, fieri infectum non potest
"Out of every 100 men, 10 shouldn’t even be there, 80 are just targets, nine are the real fighters, and we are lucky to have them, for they make the battle. Ah, but the one, one is a warrior and he will bring the others back.” Heraclitus
Praeses
Re: Greek chance of default now 50:50, says Moody's
problem is that greek banks likely would not survive this as every greek that has euros on the bank would take it out before the currency change in greece. thats what possibly starts the chain reaction in the mediterrean.
its not possible to kick greece out. if greece wants to leave they can but eu has no power to kick nations out.
Last edited by Ahlerich; June 02, 2011 at 11:52 PM.
Centenarius
Re: Greek chance of default now 50:50, says Moody's
Good point. I think the privatisation program is already part of a strategy to minimize the losses for the donators when it comes to the clearing of the balances. It looks as minimizing the losses for the private and semi-private creditors is the ultimate goal which is reasonable.
שנאה היא לא ערך, גזענות היא לא הדרך
Breatannach Romanus
Re: Greek chance of default now 50:50, says Moody's
Wouldn't have been a happy day if Greece went default Ferrets?
Quem faz injúria vil e sem razão,Com forças e poder em que está posto,Não vence; que a vitória verdadeira É saber ter justiça nua e inteira-He who, solely to oppress,Employs or martial force, or power, achieves No victory; but a true victory Is gained,when justice triumphs and prevails.
Luís de Camões
Re: Greek chance of default now 50:50, says Moody's
What are you implying now?
Breatannach Romanus
Re: Greek chance of default now 50:50, says Moody's
Like you want an explanation for that...
Quem faz injúria vil e sem razão,Com forças e poder em que está posto,Não vence; que a vitória verdadeira É saber ter justiça nua e inteira-He who, solely to oppress,Employs or martial force, or power, achieves No victory; but a true victory Is gained,when justice triumphs and prevails.
Luís de Camões
Re: Greek chance of default now 50:50, says Moody's
If I didn't want to know I wouldn't ask.Like you want an explanation for that...
Breatannach Romanus
Re: Greek chance of default now 50:50, says Moody's
When will this sad conspiracy against the Greek nation cease?
Guilty to the bone i must add myself.CiviC:
and I must say it's also the fault of Greece
The problem though is what the
Just imagine.25-20% are unemployed and about a million are civil servants, 2 millions+ are retired. They won't get paid and the socio economical pyramid will collapse.
Quem faz injúria vil e sem razão,Com forças e poder em que está posto,Não vence; que a vitória verdadeira É saber ter justiça nua e inteira-He who, solely to oppress,Employs or martial force, or power, achieves No victory; but a true victory Is gained,when justice triumphs and prevails.
Luís de Camões
Praefectus
Re: Greek chance of default now 50:50, says Moody's
Good one
It's sad what happens to Greece, and I must say it's also the fault of Greece, but I don't see why some people would jubilate about Greek missfortunes just because petty grudges.
Re: Greek chance of default now 50:50, says Moody's
Ratings agencies are a cancer.
Breatannach Romanus
Re: Greek chance of default now 50:50, says Moody's
Considering their connections with the banking system and the incapability of predicting the crisis in US......
Quem faz injúria vil e sem razão,Com forças e poder em que está posto,Não vence; que a vitória verdadeira É saber ter justiça nua e inteira-He who, solely to oppress,Employs or martial force, or power, achieves No victory; but a true victory Is gained,when justice triumphs and prevails.
Luís de Camões
Praefectus
Re: Greek chance of default now 50:50, says Moody's
http://www.alacrastore.com/research/...egative-867422
Abstract: MADRID (Standard&Poor's) May 19, 2011--Standard&Poor's Rating Services today said that due to an administrative error, the rating outlook on the National Bank of Romania (NBR, the central bank of Romania), which is linked to that of Romania (foreign currency BB+/Stable/B, local currency BBB-/Stable/A-3) had been incorrectly listed as negative. The rating outlook on Romania was revised to stable from negative on March 9, 2010. The rating outlook on NBR should have been revised to stable on the same date. We have now corrected this error.
Re: Greek chance of default now 50:50, says Moody's
One good thing doesn't change the fact that they are essencially leechers, just like many other actors of the financial markets.
Never said anything about Greece.
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