Is The PIIGS Moment Of Fracking Approaching? S&P Joins Sovereign Risk Brigade, Downgrades Greece To BBB+
More bad news for a troubled Greece. And all this happening even as finance minister George Papaconstantinou says that Greece "is not banking and not operating under the assumption" that the Hellenic country will be bailed out by its Eurozone neighbors.
The minister has certainly read the Dick Fuld script: in an interview with the FT, he said "we're operating on the firm belief that we need ourselves to do whatever it takes to bring down the deficit," he said, and noted that Greece has a "very clear determination" to deal with its budget deficit, which is worth about 12.7% of gross domestic product, and a debt of over 109% of GDP.
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