This time is different. Really. That was the message from European leaders after the 11th debt-crisis summit in 17 months produced an additional €109 billion ($157 billion) in loans for deficit-bloated Greece, easier aid terms for Ireland and Portugal, and a retooled bailout fund to prevent markets from trashing Spain and Italy as well. The euro, as well as the distressed countries’ bonds, rallied.
July 28, 2011
Greece credit rating cut by S&P on 'likely default'
Ratings agency Standard & Poor's has cut Greece's credit rating, saying that eurozone plans to restructure the country's debts would constitute a "selective default".
Under the plans, Greece would be given longer to repay its debts and private investors would take a hit.
S&P said it had cut Greece's rating to CC from CCC.
Under the plans, Greece would be given longer to repay its debts and private investors would take a hit.
S&P said it had cut Greece's rating to CC from CCC.
Subscribe to:
Posts (Atom)