Greece downgraded 2 notches

[ekrem]

(....)
Fitch, one of the world's big three ratings agencies, lowered Greece's rating by two notches to BBB- and said the outlook on the country remains negative.
(....)
The Greek economy is forecast to contract by 2% this year after a similar fall in 2009, but some economists now expect the decline to be sharper.
(....)
Fitch's comments sent Greek 10-year bonds lower, pushing their yield to 7.20% from 7.12%. This rate, almost twice as much as Britain's, makes Greek funding practically unsustainable, analysts have said.

"Two notches is quite a downgrade, but it is potentially going to be junk, which would be rather upsetting," said Elisabeth Afseth, of Evolution Securities.

Link
Crisis-hit Greece downgraded by Fitch | Business | The Guardian

 

[waltky]

Greece about to go broke...

Greek bailout talks break down again
Wednesday 24th May, 2017 - Hopes for a breakthrough in bailout negotiations for cash-strapped Greece have been dashed again and another deadline has been set.

Athens once again failed to get approval from its European creditors to receive the next batch of bailout loans needed to meet a debt repayment this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout programme ends next year. Without the loans, Greece faces another brush with bankruptcy. The Greek government had hoped that Monday night's meeting of the eurozone's 19 finance ministers would at least have seen it cleared to get the money after it legislated for further cuts and reforms last week to meet creditor demands.

Greek government spokesman Dimitris Tzanakopoulos said: "It would be preferable to postpone a decision for a few days, which would give us time to work harder and prepare a better solution, than to take decisions that just move the problem on and do not offer a clear way out." The eurozone's leading official Jeroen Dijsselbloem said a broad settlement involving the next payout and the outlines of a debt relief deal is close, and could be reached in three weeks when finance ministers from the 19 countries from the single currency bloc meet in Luxembourg on June 15.

While hailing recent progress the Greek authorities have made to implement the reforms and cuts demanded from creditors, Mr Dijsselbloem said certain issues still needed to be addressed. Time is running out for Greece as without the rescue loans it would struggle to meet a repayment in July of 7 billion euros (£6 billion). The European Commission, one of the overseers of the bailout, sought to downplay fears that Greece was heading for another financial crisis. "We are convinced that Greece has delivered," said Margaritis Schinas, the commission's spokesman. "Now it is up to its partners to do the same."

Greek bailout talks break down again - BelfastTelegraph.co.uk

 

[montelatici]

You know what they say, if you the bank $1,000 the bank owns you, if you owe the bank a billion dollars, you own the bank. Greece won't go bankrupt, stop kidding yourself.

 

[Bleipriester]

You know what they say, if you the bank $1,000 the bank owns you, if you owe the bank a billion dollars, you own the bank. Greece won't go bankrupt, stop kidding yourself.

Greece is not that important economically. The funny thing is that the Euro has Greek lettering on it even before Greek joined the Eurozone. And now, after Turkey is not the good partner anymore, they will not let them go.
But it is impressing how quick Greece falls again into the crisis soon after they declared it overcome. Not the first time. The EU did a lot of shit to Greece, by the way. They payed fishers to destroy their boats and farmers to destroy their fields. Overfishing and modernization they say and the amount of money was quite impressing. Scorched earth, however, is the result.