GREEK DEBT: Hellenic Republic downgraded to ZZZZZZZZZZZZZZZZZZZ (+) -

Not quite sure how it’s possible to downgrade Greek credit even further, but apparently it is. This a hot off the press S&P release:
• Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program (EU/IMF Program).
• We consider the Greek government will find it difficult to make further cuts to meet the conditions to secure the next disbursement of the next tranche of funding from the EU/IMF Program.
• We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program.
• We are affirming the ‘CCC/C’ foreign and local currency credit ratings on Greece.

Rating Action
On Aug. 7, 2012, Standard & Poor’s Ratings Services revised the outlook on the long-term sovereign credit rating on the Hellenic Republic (Greece) to negative from stable. At the same time, we affirmed the ‘CCC/C’ long- and short-term foreign and local currency sovereign credit ratings
.

Not entirely in agreement with the Troika, then.

How can that be?

10 thoughts on “GREEK DEBT: Hellenic Republic downgraded to ZZZZZZZZZZZZZZZZZZZ (+) -

  1. Greece should now be proof of how obviously ludicrous, and fraudulent the worlds banking, bonds, ratings, and financial institutions actually are.

      • @Jon. In good shape? Yes, if you’re a trader. So long as the financial instrument is functioning there’s money to be made on any movement up or down, and in these days of automated trades on micro movements done by computer, someone somewhere is doing very nicely out of Greece’s pain. That’s one reason She is being kept on life support. (I suddenly had a vision of the film The Matrix there)

  2. They keep on talking about “delays” as the implementation of “budgetary consolidation measures” are actually going to happen .Ι just spent two months back home ( greece ) , the most beautiful place on earth , administrated by clowns ( corrupt incompetent clowns and a society that opposed nothing to them ) for the last 20-30 years and to this moment . Anywhere i had to deal with systems and anyone i spoke too depressed the hell out of me . We are a nation with no self-realization what so ever , still waiting for the magic solution for it’s financial catastrophe .

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