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S&P Threatens Greece With Downgrade If Bond Spreads Are Not Quickly Reduced
Life for Greek administrators can not be much fun these days - anywhere they look they just see more bad news. The latest comes from (appropriately named if you are Greek) S&P analyst Marko Mrsnik who told Reuters that "if the high borrowing cost persists and the consequent
deviation from the consolidation path is not addressed, this would in
our opinion, delay the reversal of the government debt trajectory and
could lead to lower ratings." Nothing yet from Moody's - should Greece and the linked NBG be downgraded even one more notch by Moody's then all sorts of colletaral trigger horrors will be triggered and the liquidity crisis will reach a whole new level of pain.
More from Reuters:
Greece is at risk of a rating downgrade if high borrowing costs
persist and the government does not manage to address the consequent
deviation from its deficit-cutting programme, a Standard and Poor's
analyst said.Asked
if the highly indebted country was at risk of default, S&P's senior
analyst for Greece Marko Mrsnik said: "No, at the current rating level,
the risk of default is still very low."Markets pounded Greek
bonds and banking stocks on Thursday, driving its borrowing costs to
new highs and pushing it closer to tapping a last resort EU-IMF safety
net.Mrsnik said Greece's sovereign rating depends on the full
implementation of its austerity programme and on whether growth
performance will be robust enough to support the consolidation effort.
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Meanwhile retail stocks are screaming higher and the speculators are dryhumping AMZN to new highs...
Very low indeed!
TOGA TOGA TOGA:
http://www.youtube.com/watch?v=E5zsLfgwBTg&feature=related
I predict a Sunday night stick-save. EU writes a check, cans are kicked. Good for +300 on the Dow.
"It's Time."
Fitch tells Greece to call the IMF now.
http://www.reuters.com/article/idUSTRE6371UA20100408
Message from Walstreetpro2 to Greece:
At 3:02-3:07
http://www.youtube.com/watch?v=4k4xPUZRdC0
The amusing thing is the anyone still takes seriously what S&P says. Zero credibility, in my view.
That doesn't mean they are not dangerous, of course.
Looks like S&P is waiting to be a day late-- again.
I don't know about you, but I think Greece either needs an intervention, a hug... or both.
wasn't lehman AAA right up to the point it went tits up? what about subprime as well
S(hite) and P(iss) mean nothing
I guess they will downgrade the whole world
after the crash.
The Uk and US who are not much different to greece are still AAA
what a joke
Ex post facto?
I think that Greece should stick to wine, ouzo, dancing in the streets and breaking plates.
As I have commented numerous times before:
Roll out the drachma and start over. High finance gamesmanship is not for the Greeks.
You need to cut down on the % of people working for the government and you are home free.
Pressure your coward politicians to do it.
I wish we did something similar in the US. Starting with respecting the constitution
perfect distraction for offloading freshly minted 30yrs
If indeed these are the actors set on setting the world ablaze, they are more than likely the same ones who are involved in Greece, Portugal, Dubai, and elsewhere. Presenting: Moore Capital, Brevan Howard and Paulson & Co... Oh and JP Morgan and, ahem, Goldman Sachs.1976 Toyota Pick-Up Truck AC Compressor