And.... roundtrip.
- From March 13: Fitch upgraded Greece's credit rating by one notch to B- following a successful debt swap finalised this week that erased some €100 billion from the country's crippling debt
- From May 17: Fitch Ratings-London-17 May 2012: Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'CCC' from 'B-'. The Short-term foreign currency IDR has also been downgraded to 'C' from 'B'. At the same time, the agency has revised the Country Ceiling to 'B-'. The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU). The strong showing of 'anti-austerity' parties in the 6 May parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for the EU-IMF EUR173bn programme.
It would be laughable if it wasn't so... nevermind, it is laughable.
What is notable is that now that the ECB, the IIF, the IMF, and Troika, and virtually everyone has failed at getting Greece to blink, the rating agencies are getting involved:
Fitch would place all eurozone sovereign ratings on Rating Watch Negative (RWN) following the Greek elections if Fitch assesses that the risk of a Greek exit from EMU is probable in the near term
In other words, nobody vote Syriza, or the eurozone that all you Greeks are so diligently transferring your deposits to, gets it next.