old Byzantine monastery in Kaisariani, Athens, Greece

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February 27, 2012

Greek credit rating cut to "Selective Default" by Standard and Poor's

Last week Fitch downgraded Greece to "C" and Moody's announced a cut coming which will place Greece to the credit agencies lowest rating. The S&P rating moves Greece to "D".

The reasoning given for the Standard and Poor's action is the result of the use of 'collective action' which is meant to force investors holding Greek paper into the "haircut" which is a central element of the recently negotiated Trioka-led agreement. S&P will be rating the new Greek exchange bonds as "Double-C."

News on the cut : Bloomberg, Wall Street Journal, Forbes


More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011

Epicurus Greece Travel

Travels with Epicurus: A Journey to a Greek Island in Search of a Fulfilled Life

Rick Steves Athens and Peloponnese Guide Book

Rick Steves Greece: Athens & the Peloponnese

Amazon 2016 Lonely Planet Guide Greece

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