The Guardian

Greece at substantial risk of default, say experts
The Guardian

Greece is at substantial risk of a default, one of the world’s three leading ratings agencies said on Wednesday, as it downgraded the debt of the struggling eurozone country.

Standard & Poor’s said the drawn out negotiations between Athens and its creditors were damaging the economy and had resulted in a fresh cut in Greece’s credit rating, which is already at junk-bond status.

“Without deep economic reform or further relief, we expect Greece’s debt and other financial commitments will be unsustainable,” said S&P. It cut Greece’s rating to CCC+/C from B-/B, a level it considers puts the country at “substantial risk” of a default.

Interest rates on two-year Greek bonds stand at almost 24%, an indication that investors expect the country either to have its debt burden eased or to default.

The Syriza-led coalition has been at loggerheads with the so-called Troika of the International Monetary Fund, the European Central Bank and the European Union since coming to power in late January. Athens has been told that unless it submits a revised economic plan to Brussels, eurozone finance ministers may decide not to provide Greece with financial help to pay its debts.

Des cabochons en Grèce ont élu des communistes en s’imaginant que cela les mettait à l’abri de « l’austérité »…

Les cabochons viennent de comprendre que quand il n’y a plus d’argent, même les communistes n’ont pas le choix de mettre en place un régime d’austérité…

Que ça serve de leçon au Québécois.