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Greece's Debt Rating Slashed, Making It World's LOWEST.............Restructuring = DEFAULT

 
GREEKGOD
User ID: 1426776
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06/13/2011 02:05 PM
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Greece's Debt Rating Slashed, Making It World's LOWEST.............Restructuring = DEFAULT
Standard & Poor's downgraded Greece's credit rating by three notches Monday, making it the world's lowest after the agency said a likely debt restructuring would be considered a DEFAULT.

A restructuring of Greece's debt either with a bond swap or by extending maturities on existing bonds looks increasingly likely to be imposed by European policymakers as a means of sharing the burden of Greece's crisis with the private sector, S&P said in a statement.

"In our view, any such transactions would likely be on terms less favorable than the debt being refinanced, which we, in turn, would view as a de facto default according to Standard & Poor's published criteria," the agency said.

[link to www.cnbc.com]
GREEKGOD (OP)
User ID: 1426776
Netherlands
06/13/2011 02:06 PM
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Re: Greece's Debt Rating Slashed, Making It World's LOWEST.............Restructuring = DEFAULT
S&P starts the beginning of the DEFAULT......





GLP