Default in Greece – the beginning of the end

Will Greece bankrupt?

In brief: The future of Greece in the hands of Europe and the U.S. - experts say - but Greece is confident in their own abilities.

No default Greek or restructuring of its debts will not be announced on Wednesday an official representative of the European commissioner for monetary and financial policies Chantal Hughes. “The negotiations with the European Commission, European Central Bank and the IMF to create a support Greece has made substantial progress. Assistance to Greece will be provided,” – she assured.

The representative of the European Commission called “rating agencies and other financial market participants to act responsibly and balanced” and “not to stir up feelings of crisis.”

After a decline on Tuesday, credit rating of Greece and Portugal, the rate of European currencies on Wednesday fell to a record low last year level of 1.3158 dollars per euro. Declined stock prices on the Frankfurt, London and Paris stock exchanges. The agency Standard & Poor’s downgraded the rating of Greece to BB +, moving it from a speculative investment category. This category of securities jargon gamblers call “junk.”

On Wednesday, the interest rate on Greek bonds maturing in two years reached 18%. This is a record value for a country within the euro area.

Pavel Migin
2010-04-29 00:04, Economics.

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One comment к “Default in Greece – the beginning of the end”

  1. blue monkey Says:

    Greece and Spain won’t pay back. This was a calculated Risk, and a Lesson for the Banking System. The only thing Germans can do is:
    REPOSSESS 170 Leopard 2AEX Battle Tanks from Greece, and 190 Leopard 2A6E Battle Tanks from Spain.
    U.S.A must REPOSSESS 170 F-16 Jet Fighters from Greece, … the rest is gone with the wind …forever …
    Greece must stop paying lucrative pensions with borrowed money, reform the free health care system, and cut down, 4 times the military budged.

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