By Michael Steininger, Christian Science Monitor | 08:54 am
Greece’s European partners are increasingly skeptical that Athens can avoid default.The highly indebted country is working feverishly to secure a debt write-off to avoid default, but international investors see even that as a default of sorts.
With only weeks to go before a crucial bond repayment date, statements from European leaders reveal a growing mistrust in the Greek political class’s ability and willingness to implement deficit cutting measures.Without those measures, Greece will not receive a necessary second bailout from international lenders, and without the bailout, it will likely Συνέχεια
By Matthias Sobolewski and Dina Kyriakidou
BERLIN/ATHENS (Reuters) – Standard & Poor’s downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.
«Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,» the U.S.-based ratings agency said in a statement.
In a potentially more ominous setback, negotiations on a debt swap by private creditors seen as crucial Συνέχεια
Greek Prime Minister Lucas Papademos has said Greece may default on its debts in March unless unions accept further cuts to salaries.
Mr Papademos said more cuts were needed to avoid exiting the eurozone.
Analysts say the warning is to prepare Greece for more austerity measures. Συνέχεια
This is going to end badly for the world. I do not believe that Asia will escape, it may suffer less but will suffer nevertheless.
By Emily Fox for www.express.co.uk
FEARS of contagion in Europe intensified today as the debt crisis spread to Spain. Spain was forced to pay nearly 7 per cent to borrow 3.56 billion euros (£3billion) on bond markets. Italian Συνέχεια