Former Comptroller General David Walker: 2 Years to Greece

Greece gonna default anyway?...
:eusa_eh:
Moody's warns of Greece default despite debt deal
2 March 2012 - Austerity measures have prompted mass demonstrations in Greece
Moody's has cut Greece's credit rating again, citing a risk of default despite a recent debt write-off deal. Moody's cut Greece's rating to "C" from "Ca", the lowest level on its scale. The firm said on Friday: "Today's rating decision was prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%."

The deal writes off 107bn euros ($141.3bn; £89bn) of Greece's debt. Moody's said the planned debt exchange, which involves private investors of Greek debt writing off much of the 206bn euros in Greek bonds they hold, "would constitute a distressed exchange, and hence a default".

The agency acknowledged that the deal was necessary to help stabilise Greece. But Moody's said: "The risk of a default even after the debt exchange has been completed remains high. Moody's believes that Greece will still face medium-term solvency challenges. "The country is unlikely to be able to access the private market once the second assistance package runs out; and its planned fiscal and economic reforms will still face very significant implementation risks." Earlier this week the Standard & Poor's agency classified Greek debt as in "selective default".

BBC News - Moody's warns of Greece default despite debt deal
 
And why should we believe a comptroller who did not even see the severity of the recession coming at us?
 
The fact that we are the reserve currency of the world makes us special, 2 years to go from where we are now to Greece is absurd, the guy is a lobbyist, he gets paid to present absurdities as sage wisdom.
 

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