Greece given world's lowest credit rating

[danmand]

Greece given world's lowest credit rating

Standard & Poor's downgrades rating to CCC, the lowest in the world, as European ministers prepare to meet over crisis.

Last Modified: 14 Jun 2011 09:55
Standard & Poor's has cut Greece's credit rating by three notches to CCC, the lowest rating of any sovereign nation in the world, as European finance ministers prepare to discuss a new aid package for the country.

"The downgrade reflects our view that there is a significantly higher likelihood of one or more defaults, as defined by our criteria relating to full and timely payment, linked to efforts by official creditors to close an emerging financing gap in Greece," the US ratings agency said.

The agency said it believed that Greece's recession "could well persist into 2012 and thus may further erode internal political support for the revised EU/IMF programme".

Greece responded by accusing Standard & Poor's of ignoring reform efforts in Athens and European Union talks on debt aid.

European ministers are due to meet on Tuesday to discuss a new aid package that could call on private holders of Greek debt to accept delayed payment.

 

[danmand]

One has to wonder why anyone listens to the credit rating companies who gave AAA ratings to the subprime mortgage instruments.

 

[blackrock13]

Well look at it this way. The only way is up. Unfortunately it's not over yet, as the rest of the PIGS are still in hot water.

What gets me is that the Greeks don't get it. They think they've been wronged. Anyone got a shovel? Make it a few shovels.

 

[Roommates]

The Greeks don't get it? They think they've been wronged???? If you knew their history you would agree. Perhaps you can borrow a shovel from the Germans...the same one used to remove (steal) gold and currency out of the Greek banks during the occupation.

Need another shovel? Get one from the British....one of the many they used to dig up and remove (steal) the marbles.....

Sara

 

[blackrock13]

The Greeks don't get it? They think they've been wronged???? If you knew their history you would agree. Perhaps you can borrow a shovel from the Germans...the same one used to remove (steal) gold and currency out of the Greek banks during the occupation.

Need another shovel? Get one from the British....one of the many they used to dig up and remove (steal) the marbles.....

Sara

I really wasn't planning to bring in the Nazis to this thread. You know how that kills a debate. The Greeks have wanted it both ways. They wanted all the perks that their lifestyle and government policies have allowed them to, but they didn't want to pay for it; considering half of the workers don't pay their proper taxes. Now that the piper is back and saying time to pay up, they scream blue murder.

Yes, wrongs were done to them during that war 70 years ago ,but they weren't alone in that tragedy, and yet other countries seemed to have recovered.

 

[JohnLarue]

The Greeks don't get it? They think they've been wronged???? If you knew their history you would agree. Perhaps you can borrow a shovel from the Germans...the same one used to remove (steal) gold and currency out of the Greek banks during the occupation.

Need another shovel? Get one from the British....one of the many they used to dig up and remove (steal) the marbles.....

Sara

That was two generations ago

The current Greeks just do not clue in that
a) 50% of the work force employed by the govt
b) Retirement @ age 60
c) Short work weeks (guess)
d) Extended vacations with pay (guess)
All add up to economic disaster

When asked one interviewee responded with "So what, let the Germans pay, they have all the Wealth"
Perhaps that is a single isolated view, but I doubt it

They will suffer a great deal for this attitude and approach, however they will blame someone else (aka Woodpeker)

 

[Aardvark154]

One has to wonder why anyone listens to the credit rating companies who gave AAA ratings to the subprime mortgage instruments.

Please be our guest ignore idiots like S&P and invest heavily in Greek government securities.

 

[eldoguy]

80% of the population are tax dogers.

 

[KBear]

b) Retirement @ age 60

Unless you are a hairdresser, or in one of the many other high risk jobs, as hairdressers retire at 50 with pension in Greece.

Retirement is now 67 in Germany. Think the bailouts coming from Germany to Greece are close to an end.

 

[KBear]

Please be our guest ignore idiots like S&P and invest heavily in Greek government securities.

17% interest rate is looking very attractive This has got to be the end of the line for Greece’s spending spree.

 

[Aardvark154]

17% interest rate is looking very attractive

Yes for $500 I will agree, for $5,000 even if you are Mr. Moneybags I have my doubts, for $50,000 are you out of your freeking mind!

Oh and I'd go for the shortest term they offer.

 

[Rockslinger]

Yes, wrongs were done to them during that war 70 years ago ,but they weren't alone in that tragedy, and yet other countries seemed to have recovered.

South Korea, Hong Kong and Singapore were marched over by Imperial Japan (nasty folks) 70 years ago but they pulled themselves up by the bootstraps and rebuilt their society. You don't hear them bitching about being overworked and underpaid and can't retire at age 57.

 

[blackrock13]

South Korea, Hong Kong and Singapore were marched over by Imperial Japan (nasty folks) 70 years ago but they pulled themselves up by the bootstraps and rebuilt their society. You don't hear them bitching about being overworked and underpaid and can't retire at age 57.

Tell Roommates that. I'm ahead of the curve on that one.

 

[Roommates]

I thought I was responding to a request for shovels. :eyebrows:

Sara

 

[Aardvark154]

I do love the demonstrations they have been having in Athens about higher taxes and reduced benefits. Do they think things will be better if Greece defaults?

Most of us would doubtless enjoy hobbying more - there is, however, this inconvenient fact of life known as a budget.

 

[CapitalGuy]

Its still a better idea to invest in Greece than in Malawi or, oh about 150 other countries on this planet of ours.

Plus......while walking down the sidewalk in Thessonaliki one day, I was sooooo engrossed by a young girl's perfect skin - smooth, flawless, unblemished, olive, perfect - that I actually contemplated what the consequences would be if I simply licked her shoulder. She was that perfect. Probably 18 y/o. Yum. I would hate to see her today, when she's about 30, lol, but in her prime.....flawless. How can you not want to throw money at a country that produces such lovely young specimens??

 

[Rockslinger]

When I was a child there was something called the "British Disease" and then Thachter(sp) and North Sea oil came along. Greece needs a Thachter and North Sea oil to solve their fiscal problems.

 

[onthebottom]

So is now when we start talking (again) about the Euro replacing the USD as the world's reserve currency....

OTB

 

[oil&gas]

So is now when we start talking (again) about the Euro replacing the USD as the world's reserve currency....

OTB

Does the world even need a replacement of the USD? It is not like
without a reserve currency global trading will cease. I believe Iran,
Venezuela and Russia are already using other currencies in their
oil transactions. Surely it is convenient to have a universally accepted
currency like the USD which I can use for global traveling.
But I can still travel anywhere I like carrying only loonie. If I travel to
Hong Kong the only extra trouble is I have is to have to go to the local
banks to exchange my loonie with the local currency which is actually
more convenient to use than the USD outside the designated
tourist attractions.

 

[WoodPeckr]

Does the world even need a replacement of the USD? It is not like
without a reserve currency global trading will cease. I believe Iran,
Venezuela and Russia are already using other currencies in their
oil transactions.

It may come to that as the USD continues to lose value and slowly fade away due mainly to globalism. Globalism is slowly gutting/destroying America better than the commies ever could....:Eek: