Yay! Greece Is Saved!
Oops! My bad; I meant lost
Fitch ratings agency on Wednesday slashed its rating for Greek sovereign debt to “C” from “CCC”, indicating that default is “highly likely in the near term”.
The downgrade comes just after the country secured a second bailout from its creditors and the subsequent announcement by the Greek government that private investors holding Greek debt would be forced to accept a debt swap, in which they exchange their bonds for lower-value debt.
These long agonizing deaths always end up be far more painful, don’t they?
Biz, Nanny State, Politics | Mr. Bingley | 
February 22, 2012 7:30 am
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There’s nothing to instill confidence in a government like mandatory debt “forgiveness”.
Sounds like SOMEbody don’t trust someBODY!!!
But it didn’t have to be so painful… if things were thought of way back when.
Oh it would not have been so painful, Radek, had steps been taken to correct things years ago, but those steps would none the less caused quite a bit of pain in Greece, as they would have had to curtail the massive expansion of the welfare state. But at least the damage/fallout could perhaps have been mostly contained there.