from the man bites dog pile: Greece upgraded

[L.K.Eder]

Fitch ratings agency upgrades Greece - CBS News

 

[Old Rocks]

That is good news. And another month of job gains here. Slow, but steady.

 

[Old Rocks]

Djia 13,177

 

[g5000]

December 11, 2009:

Greece's prime minister, George Papandreou, told reporters in Brussels on Friday that European Central Bank President Jean-Claude Trichet and Luxembourg Prime Minister Jean-Claude Juncker see "no possibility" of a Greek default, Bloomberg News reported. Papandreou also said that there was no possibility of Greece leaving the euro area, according to the report. Pressure on Greece has been mounting in recent weeks after the country admitted that its deficit this year will rise to 12.7% of gross domestic product. Fitch Ratings cut on Tuesday Greece's sovereign credit rating to BBB+ from A-, saying the downgrade "reflects concerns over the medium-term outlook for public finances given the weak credibility of fiscal institutions and the policy framework in Greece."

January 29, 2010:

Joaquin Almunia: we don't need a Greek bail-out because the country won't default
There is no bailout and no "plan B" for the Greek economy because there is no risk it will default on its debt, the European monetary affairs commissioner insisted on Friday.

September 15, 2010:

Greece’s finance minister has strongly rejected the idea that Athens will be forced to restructure its debts, saying that a default would break the eurozone.

Notice how the finance minister says a Greek default would lead to a Eurozone breakup. Therefore, there would be no default.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email [email protected] to buy additional rights. Greece rules out possibility of default - FT.com


“Restructuring is not going to happen. There are much broader implications for the eurozone should Greece have to restructure its debt,” he said.

“People fail to see the costs to both Greece and the eurozone of a restructuring: the cost to its citizens, the cost to its access to markets. If Greece restructures, why on earth would people invest in other peripheral economies? It would be a fundamental break to the unity of the eurozone.”

Jump ahead to this week: ISDA declares Credit event in Greece; Default is official

Eurozone crisis, what crisis? Greece contagion threat has passed - Public Service Europe

The contagion "domino effect" from Greece no longer threatens the rest of Europe, according to the director general for economic affairs at the European Commission. In addition, Portugal and Ireland were said to be "in a much better place", while the credibility of Spain and Italy had "increased" – claimed Marco Buti. Addressing the Future of economic governance conference in London, hosted by the Policy Network think-tank, Buti told delegates: "The domino effect from Greece has been broken down; there is an increasing perception in the markets that the countries are delivering on the structural reforms, and we have strengthened political credibility with the firewalls.

Does anyone really believe that?

Portugal's public debt is at 93% of GDP and its private debt is at 249%!

And before the ink was even dry on the Brussels agreement, Spain announced it would set its budget deficit at 5.8% OF GDP, which is higher than the 4.4% it has just agreed to. Basically, Spain spit in Europe's eye.

Spain's public debt is 68% of GDP, but its private debt is 227% of GDP. Spain is also suffering from 25% unemployment, with the under 25 age group suffering 50% unemployment.

 

[g5000]

Somehow...this is the Democrats' fault.

And the CRA.

 

[Political Junky]

The NASDAQ is above 3,000 for the first time in ten years.

 

[Inthemiddle]

The NASDAQ is above 3,000 for the first time in ten years.

Thank God for Bush.