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Old 04-27-2010, 12:43 PM   #1
BeRzErKaS
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R.I.P. Greece - Downgraded to Junk Status by S&P

Wow... is anyone else paying attention to what's going on in Greece? They have pretty much two options at this point:

Cut gov't spending further which will trigger more riots.

Or, default on their debt which will tank the Euro and screw over everyone else in Europe.

Unless... "someone" comes to thier rescue with a bailout. But Germany's pretty much like "F-You, we already loaned them a metric ass ton of money and got screwed!"

What a mess.

Quote:
ATHENS -Europe's government debt crisis worsened ominously Tuesday when Greek bonds were downgraded to junk status and Portugal's debt was lowered on fears the trouble could spread. Stocks slid on the news.

German reluctance to fund most of a euro45 billion bailout of Greece by European government and the International Monetary Fund is sending shudders through markets that the money may not reach Greece by May 19, when euro8.5 billion in bond payments come due.

Germany wants to see a commitment to deep, long-term cutbacks in Greek government services and benefits before it agrees to provide its euro8.4 billion euro of the bailout cash. But investors remain highly skeptical that Greek voters used to generous benefits and worker protections will accept a drop in living standards. They also worry that the proposed bailout will not cure Greece's long-term imbalance between its soaring debt and tepid prospects of economic growth.

"The downgrade results from our updated assessment of the political, economic, and budgetary challenges that the Greek government faces in its efforts to put the public debt burden onto a sustained downward trajectory," said Standard & Poor's credit analyst Marko Mrsnik.

The move deprives Greece of an investment-grade rating on its bonds, meaning it would pay higher costs to borrow if it taps debt markets again. The agency said Greece's weak long-term growth prospects made it less credit-worthy.

"The Greek bond market is now in full scale meltdown," said Jeremy Batstone-Carr, head of private client research at stockbrokers Charles Stanley. "The nightmare scenario from an investor stand point is that either Greece defaults, forcing investors to take a severe 'haircut' on their investments*****s, or the Greek authorities could honor the country's debts and simply shut down all nonessential operations, markedly escalating the strife for the nation's people."

Default would hurt the shared euro currency and could lead to the debt crisis spreading to other countries with shaky finances such as Portugal and Spain, threatening them with the same vicious spiral of default fears leading to higher rates.

A debt downgrade immediately preceded Greece's call for the bailout last week. While Portugal has less debt, economists have focused on it as the next possible victim if concerns over high levels of government debt in Europe spread. Standard & Poor's downgraded its credit rating on Portugal amid mounting concerns about the country's ability to get a handle on its debt load, saying that the two-notch downgrade to A- reflects its view of "the amplified risks Portugal faces."

Greek company shares plunged for a fifth straight session Tuesday, with the benchmark Athens stock index shedding 6.75 percent to reach 1,683.08 points in late afternoon trading. The message from the markets is clear there are real doubts that Athens will be able to service its debts.

"The market is pricing in the realistic prospect that Greece may not be in a position to meet all its debt obligations," said Jane Foley, research director at Forex.com.

Athens now faces a long, nail-biting wait with far from guaranteed results before its mid-May payment date.

"Until that day, everything must be concluded," Finance Minister George Papaconstantinou said. "I have absolutely no doubt that we will get there."

Prime Minister George Papandreou said his country stood "naked before international market storms."

"We are going through Greece's hardest time in recent decades," Papandreou told his Socialist party lawmakers. "The challenges our country faces are unprecedented, not only for Greece, but also for Europe and even the world economy. ... And what I say is no exaggeration."
http://www.dailyfinance.com/article/...tus-by/880748/
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Old 04-27-2010, 12:44 PM   #2
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it's more interesting to me that they weren't already considered junk
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Old 04-27-2010, 12:56 PM   #3
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This is true. They've been getting laughed out of banks around the globe for months now.

I wonder if the Euro moving downward would be good for the US?

Dammit, I wish I was smarter about finance so I knew how to get rich off things like this!
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Old 04-27-2010, 01:03 PM   #4
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Greece first, Ireland is next. Yeah why should we loan them more money if they don't agree on our terms? Boot them out of the EU for all I care.
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Old 04-27-2010, 01:32 PM   #5
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Greece's fiscal reporting has been shocking for decades. They just got into the Euro and virtually straight after their borrowing was revised to show more than double the limit for inclusion into the currency. It's now less risky to provide capital for Iraq than it is Greece!
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Old 04-27-2010, 01:34 PM   #6
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I am praying that they default on their loans and Europe goes down the tubes. I want Spain to be cheap for me next year!
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Old 04-27-2010, 01:39 PM   #7
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I was just in Greece two weeks ago....very beautiful but kind of depressing. I didn't really get much of a perspective on the situation from any of the locals in Athens, they didn't really want to talk about it.
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Old 04-27-2010, 01:40 PM   #8
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i know nothing about the situation but greek food is yummy
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Old 04-27-2010, 01:45 PM   #9
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Quote:
Originally Posted by SDKmann View Post
I am praying that they default on their loans and Europe goes down the tubes. I want Spain to be cheap for me next year!


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I was just in Greece two weeks ago....very beautiful but kind of depressing. I didn't really get much of a perspective on the situation from any of the locals in Athens, they didn't really want to talk about it.
It's not really the publicity you'd want to talk about with a stranger/foreigner. It's not "nice" to talk to the Germans about WW2 or to you guys about 9/11 either, actually.
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Old 04-27-2010, 01:45 PM   #10
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I am praying that they default on their loans and Europe goes down the tubes. I want Spain to be cheap for me next year!
I'm going abroad to Prague. This would be nice I feel evil now.
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Old 04-27-2010, 01:45 PM   #11
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yes greek food i very yummy. Maybe i can buy some greek slaves.
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Old 04-27-2010, 01:47 PM   #12
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They need to sell more Gyros.

Their new flag:

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Old 04-27-2010, 02:40 PM   #13
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Old 04-27-2010, 02:45 PM   #14
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That's because Greeks are lazy as sh!t, I'm one of them No one there wants to work, but everyone expects sh1t for free. My dad has been there for 4 years trying to tear down and renovate our house...almost but still not fully done. It's an amzing country to go vacation in, but another to live there.
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Old 04-27-2010, 02:52 PM   #15
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Old 04-27-2010, 02:55 PM   #16
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They need to sell more Gyros.

Their new flag:

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Old 04-27-2010, 02:56 PM   #17
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im glad i held my euro short position for this long

"That's because Greeks are lazy as sh!t, I'm one of them No one there wants to work, but everyone expects sh1t for free. My dad has been there for 4 years trying to tear down and renovate our house...almost but still not fully done. It's an amzing country to go vacation in, but another to live there."

thats funny u say that. my greek friend the same thing about greek people. that they are lazy. also said" all there is in greece
are restaurants and cafe. idk.
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Old 04-27-2010, 03:12 PM   #18
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Quote:
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I was just in Greece two weeks ago....very beautiful but kind of depressing. I didn't really get much of a perspective on the situation from any of the locals in Athens, they didn't really want to talk about it.
Depressing in what way? Does Athens look like Detroit?

Is it still safe for tourists there?
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Old 04-27-2010, 03:19 PM   #19
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the Greek shoreline is amazing...any pix?
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Old 04-27-2010, 03:34 PM   #20
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im glad i held my euro short position for this long

"That's because Greeks are lazy as sh!t, I'm one of them No one there wants to work, but everyone expects sh1t for free. My dad has been there for 4 years trying to tear down and renovate our house...almost but still not fully done. It's an amzing country to go vacation in, but another to live there."

thats funny u say that. my greek friend the same thing about greek people. that they are lazy. also said" all there is in greece
are restaurants and cafe. idk.
I second that opinion, and I am 100% Greek myself. The way I see it, most of the smart and hard-working Greeks have moved to the US to make a living and just visit Greece during the summer. I have the time of my life whenever I visit; the restaurants, the bars, the clubs, the beaches, the girls. We have a vacation house there (which, funny thing he mentioned that, took them 4 years to build) but no way in hell would I try to make a living there.
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