Standard & Poors on Greece

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Standard & Poors on Greece

Joined: January 1st, 2005, 9:39 pm

August 7th, 2012, 10:40 pm #1

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
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Joined: January 1st, 2005, 9:39 pm

August 7th, 2012, 10:42 pm #2

S&P revises Greece's outlook to negative
Reuters 41 mins ago.. .


NEW YORK (Reuters) - Ratings agency Standard & Poor's on Tuesday revised Greece's outlook to negative, saying the debt-ridden euro zone country could need more help from its international creditors.

"Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program," S&P said in a statement.

"We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program," S&P said.

Greece has made progress in finding budget cuts needed to continue its bailout program, but international inspectors said this week that they will return in September to see if the remaining work is done.

Greece has pledged a series of fiscal and reform measures worth 11.5 billion euros to convince international lenders to keep Athens hooked to a 130 billion euro lifeline and avoid bankruptcy.

Inspectors from the IMF, the European Commission and the European Central Bank - known as the troika - concluded a visit to Greece on Sunday saying the talks with the new coalition government were productive.

"We see the likelihood of shortfalls, owing to election-related delays in the implementation of budgetary consolidation measures for the current year, as well as the worsening trajectory of the Greek economy," S&P said.

The ratings agency said it sees the Greek economy shrinking by 10 percent to 11 percent, cumulatively, during 2012-2013.

S&P also affirmed Greece's CCC rating, which is already well in speculative territory.

Moody's Investors Service rates Greece C, and Fitch rates the country CCC.

(Reporting By Pam Niimi and Luciana Lopez; Editing by Stacey Joyce and Leslie Adler)

http://news.yahoo.com/p-cuts-greeces-ou ... nance.html


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Turkiye Turklerindir (Mustafa Kemal Ataturk)
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Joined: September 9th, 2011, 9:29 pm

August 7th, 2012, 11:04 pm #3

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
It seems even D will not be enough to describe Greece Economy so "E" will be invented for Greece.

Thats going to be another invention from Greece to humanity.

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Joined: September 15th, 2009, 11:24 am

August 8th, 2012, 3:47 am #4

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
^^^

Ahhh.. E for Ellada (Greece) as if it matters.. they can give us a Z if it makes they feel better sexy girl..


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Joined: February 15th, 2007, 2:26 am

August 8th, 2012, 4:01 am #5

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
.
Last edited by TuAF35LightningII on August 8th, 2012, 12:08 pm, edited 1 time in total.
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Joined: March 31st, 2010, 8:43 pm

August 8th, 2012, 6:54 am #6

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
So Standard and Poors says,do not get close to gayreece,else go fvck yourself huh?
Amyway crisis in Greece is going deeper and deeper!

IMF Pushes Europe to Ease Greek Burden!

By MATTHEW DALTON And COSTAS PARIS

BRUSSELSThe International Monetary Fund, facing discontent among its members about the huge sums it has lent to the euro zone, is pushing the currency bloc's governments to take steps to lighten the burden of the bailout loans they made to Athens, officials familiar with continuing discussions said.

The IMF pressurewhich officials said has been clear in private discussions among Greece's official lenderscomes in response to mounting evidence that Greece's deep recession has thrown the country's bailout program woefully off track from targets set earlier this year.

IMF officials maintain Greece's debt must be reduced to "sustainable" levels before the fund releases billions more euros to keep Athens from running out of cash, some officials said. The most effective way to do this would be for Greece's bailout lenders to forgive some of the debts Greece owes them.

Such a step would meet fierce resistance from euro-zone governments, such as Germany, which have already lent 127 billion ($157 billion) to Greece and are adamant that it shouldn't expect any more concessions.

The German government has said repeatedly in recent weeks that it expects Greece to uphold the program it agreed to in early 2012 and that no extra German financial aid will be made available. Any move to reduce Greece's debt to the euro zone would need to be approved by Germany's parliament, where lawmakers are increasingly impatient with Greece's desire for more-forgiving bailout terms.

An IMF spokesman declined to comment.

Exactly how to define "sustainable" will be the centerpiece of a debate expected to stretch for months over how to right the bailout program and keep Greece in the euro zone. The IMF now wants to see the government debt ratio close to 100% of gross domestic product in 2020, when Greece is supposed to have finished repaying 33 billion in loans to the IMF, officials said.

That would be considerably lower than a target of 120% of GDP agreed in February, when Greece, the euro zone and the IMF signed a new bailout agreement for the country that imposed sharp losses on the Greek government's private-sector creditors. The shift reflects concerns among fund staff that even the previous target won't leave Greece in a position to repay its debts by 2020.

The latent dispute provides an indication of the tensions that Greece, and its overbearing debt burden, will continue to generate among its official creditors if it manages to remain in the euro zone.

Since February, Greece's finances have deteriorated sharply. The economy is now expected to contract more than 7% this year, much more than the 4.7% drop forecast in February, and the recession is likely to continue into 2013. That has depressed tax revenue, boosted government safety-net spending and widened the gap in government finances that will need to be plugged.

The IMF has put forward several options for filling the hole that will also push Greece's debt closer to 100% of GDP, the officials familiar with the discussions said, but these ideas are meeting staunch resistance from the euro zone. The mildest would be another cut on the interest rate Greece must pay on the bailout loans from euro-zone governments. Greece is set to pay over 39 billion in interest payments from 2012 through 2014.

The more politically controversial options include having the European Central Bank and the euro zone's national central banks accept a 30% reduction in their Greek bonds, which have a face value of about 50 billion, said one official familiar with the discussions. Another plan calls for euro-zone governments to accept haircuts on the bilateral loans they have made to Greece. The IMF is Greece's most senior creditor and lends under the assumption that it won't accept write-downs on loans it has extended.

Under one measure that would dramatically lighten Athens's debt burden, the European Stability Mechanism, the euro zone's bailout fund, would take on the nearly 50 billion in debt that the Greek government is borrowing to recapitalize its banks. Euro-zone leaders in June agreed to allow the ESM to directly recapitalize euro-zone banks, and they said the ESM, once given that power, could use it retroactively for as much as 100 billion lent to Spain for bank recapitalization.

Doing the same thing for Greece would reduce the government's debt by 15% to 20% of GDP, said one euro-zone official.

These discussions won't gather steam for at least another month while officials from the IMF, the ECB and the European Commission, the European Union's executive arm, review the Greek bailout. Officials from the three agencies, the so-called troika, left Athens on Sunday, saying they would work on the review through August and return to the Greek capital in early September.

Euro-zone officials want to wait for a ruling from a German court in September on whether the ESM is constitutional, before they consider the controversial step of allowing the fund to take on even part of the cost of Greece's bank recapitalization, said one official.

To get any more help from the euro zone, officials said the Greek government will have to show that it has redoubled its efforts to pass so-called structural reformsimproving tax collection, further overhauling its labor markets and selling state-owned assets, among other measures.

"If it's another case of false Greek promises," said an official familiar with the talks, "what will happen is that the existing funding will stop and Greece will find itself outside the euro zone."

Greek officials have admitted that if progress isn't made in structural reforms, the funding from its creditors will stop and Athens will have little choice but to print its own currency and leave the euro zone.
Ian Talley in Washington contributed to this article.

source:http://online.wsj.com/article/SB1000087 ... 04824.html

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Joined: January 1st, 2005, 9:39 pm

August 8th, 2012, 7:33 am #7

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
If Greece just had listened to Turgut Ozal in the eighties and exploited the Aegean on a 50-50% basis Greece probably wouldn't have to endure the crisis she is experiencing now.

But no, Gayrik stubborness goes above logic. So what to say, die happily Gayriks, eat eachother!

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
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Joined: April 29th, 2010, 12:18 pm

August 8th, 2012, 8:24 am #8

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
All Gayreeks are reading this thread but no one of them has the ballz to comment it!

Morons! What else?!?

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Ne Mutlu Türküm Diyene - NMTD

"Özgürlük ve bagimsizlik benim karakterimdir"

Mustafa Kemal ATATÜRK
(Nutuk, 1919)

Br
NMTD
Last edited by NMTD on August 8th, 2012, 8:56 am, edited 1 time in total.
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Joined: August 13th, 2006, 4:42 pm

August 8th, 2012, 9:35 am #9

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
who gives a $hit what standard and poors says?

if they were so smart why didnt the geniuses predict the greek economic crisis then?

they are just f@ggits man

bottom line : in 1-2 years greece will be OUT of the crisis whereas the $hit is only just gonna start hitting the fan in Turkey!

(construction bubble bursting etc)


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Joined: September 9th, 2011, 9:29 pm

August 8th, 2012, 9:57 am #10

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
"Ahhh.. E for Ellada (Greece) as if it matters.. they can give us a Z if it makes they feel better sexy girl.. "

I would feel better yes Also i heard yesterday that S&P is about to change its name as Standard and Greeks, that makes sound reasonable to you?

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Joined: September 15th, 2009, 11:24 am

August 8th, 2012, 9:59 am #11

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
Standard and Greeks.. yes, it has a nice ring to it.. in fact, they might even give us a better rating that way..

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Joined: December 31st, 2011, 12:20 pm

August 8th, 2012, 10:09 am #12

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
"If Greece just had listened to Turgut Ozal in the eighties and exploited the Aegean on a 50-50% basis Greece probably wouldn't have to endure the crisis she is experiencing now."


Greece had proposed something better back then: Take the issue to the International Hague Tribunal. But the Hague Tribunal would apply the International Sea Law, and based on the geography and borders, would allocate 83 % of the Aegean Sea to Greek Economic Zone, while Turkey would get 17 %.

This is why wily Turgut Ozal turned down the Greek proposal and proposed a 50-50 share of the Aegean Oil resources.


Of course we do not have the slightest intention of sharing with the Turks what is ours. Cyprus did not, and neither will we.


..



"The Turkish Cypriots looted, robbed and ravaged Greek Cypriot properties. They must start producing instead of being mere consumers. The Turkish Cypriots wanted to live without working!"

Major-General Bedrettin Demirel (1917-1988)
Commander of the Turkish Invasion Forces in 1974
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Joined: January 1st, 2005, 9:39 pm

August 8th, 2012, 10:10 am #13

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
bottom line : in 1-2 years greece will be OUT of the crisis whereas the $hit is only just gonna start hitting the fan in Turkey!
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LOL dejavu, the same words ye Greeks kept telling two years ago (just take some time and scroll up some old topic about Grik crisis), it only went worse for Greece and you have not even reached your ulterior missery yet ---> default

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
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Joined: September 15th, 2009, 11:24 am

August 8th, 2012, 10:15 am #14

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

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Turkiye Turklerindir (Mustafa Kemal Ataturk)
...oh sh!t, I just got it now.. Standard and POOR's (Greeks).. Hahaha.. very funny..

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Joined: April 29th, 2010, 12:18 pm

August 8th, 2012, 10:19 am #15

Standard & Poors gave the already utmost worst rating of Greece (ccc/c) a negative outlook which means that Greece can be downgraded back to D very soon again


What a total failure country, lol

--------------------------------------------
Turkiye Turklerindir (Mustafa Kemal Ataturk)
Greeks ***** on S&P but the global market do not do so!

They take the words from S&P serious, and what happens could be seen directly on Greece!

Greece stay down and might be collapse at the end!

But dream your dream Greek boy!

Hope you do not wake up to see the reality, because than your dreams turns to nightmares!

---------------------------------------------

Ne Mutlu Türküm Diyene - NMTD

"Özgürlük ve bagimsizlik benim karakterimdir"

Mustafa Kemal ATATÜRK
(Nutuk, 1919)

Br
NMTD
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