• S&P raises Greece's credit rating by six levels, praising recent economic policies
    9 replies, posted
[url]http://www.bbc.co.uk/news/business-20773955[/url] [quote=BBC News][B]Ratings agency Standard and Poor's has raised the credit rating of Greece's sovereign debt by six levels, praising the "strong determination" of fellow European countries to help it stay in the eurozone.[/B] S&P has increased Greece's rating from "selective default" to "B-minus". The agency also praised the continuing efforts by Greece's government to cut its spending. Greece's is continuing to receive the second of two bailouts.[/quote]
Good news from Europe at last. Glad to see the measures that are being taken do instil confidence.
That's pretty nice. Though seems to also be about other eurozone countries as well and their actions.
"Congratulations, Greece! You've inflicted incalculable economic harm on your own people and ensured that they will be miserable, poor, and out of work for decades to come! Good job!"
B's get (masters) degrees!
I don't mean to be a pessimist, but I predict that their economy will tank and mass inflation will hit once the bailout money stops flowing to them. Happened to Germany after the stock market crashed and America stopped loaning them money, will happen here.
Rating agencies mean jack shit. They are a bunch of crooks colliding with private money interests and were one of the main causes of the financial crisis with their bogus AAA ratings. It's no wonder they are upping Greece's rating. It's great for their buddies since the Greek government is privatizing left and right due to the IMF having a gun to their heads. But Greeks? They are getting shat on and getting fucked over so very hard right now, and the damages will only get worse as this charade goes on. This always happens with the IMF's bailouts: they force as condition for the bailout money their neoliberalism+austerity solution (otherwise known as: suicide economics). General populace loses out big time, from education to healthcare, etc, while big private interests thrive. Go ask Latin America what they think of the IMF after they had to deal with them back in the day. There's a reason, for example, that Brazil swore they would NEVER AGAIN sign agreements with the IMF--a sentiment that's more and more generalized across South America. Greece is going out of the EU no matter how much money is thrown at it. It's only delaying the inevitable...
How about Portugal? Shit is going worse here too...
Where exactly is Selective Default? would it be considered a D- (C+, C, C-, D+, D, then D-), or is there a cutoff at a certain rating? At least it's a good indicator for the financial crisis in Europe.
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