Greece's Financial/Debt Crisis Raises Fears In Europe

The long-term rating on Greek sovereign debt has been cut from B to CCC - only four notches above default. Photo: GETTY

Greece Receives Lowest Credit Rating By S&P -- Bloomberg

Greece was branded with the world’s lowest credit rating by Standard & Poor’s, which said the nation is “increasingly likely” to face a debt restructuring and the first sovereign default in the euro area’s history.

The move to CCC from B reflects “our view that there is a significantly higher likelihood of one or more defaults,” S&P said in a statement yesterday. “Risks for the implementation of Greece’s EU/IMF borrowing program are rising, given Greece’s increased financing needs and ongoing internal political disagreements surrounding the policy conditions required.”

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More News On Greece's Financial/Debt Crisis

Greek Debt Hits a New Low -- Wall Street Journal
S&P cuts Greece's debt rating to CCC, sees default risk rising 'significantly' -- L.A. Times
European FinMins To Hold Emergency Greece Meeting Tuesday: FT -- iMarketNews
S&P makes Greece the least credit-worthy country -- BBC
Greece's credit rating cut again on higher risk of default -- The Telegraph
Greece slips further toward default as its credit rating is cut to CCC -- The Guardian

My Comment: Forget about Greece .... this is the big worry.