Bankruptcy

Greece Debt Downgraded

By mcbride

One member of the European Union ? Greece ? is having large financial troubles.  ?Greece was jolted on Tuesday by the downgrading of its debt rating to the lowest level in the euro zone as worries grow about its public finances, driving bank shares, bonds and the euro down in its wake.  The financial blow came as the government struggled to calm two days of youth riots on the anniversary of the police shooting of a 15-year-old boy last year that triggered widespread violence fuelled by anger over the economy.  Citing a fiscal deterioration, Fitch Ratings cut Greek debt to BBB+ with a negative outlook, the first time in 10 years a major ratings agency has put Greece below an A grade.?  Existing youth riots plus a bad economy can equal major, major troubles.  We should all watch to see the reaction a. of the EU and the socialist government of Greece who just took over from conservatives and b. the markets. 

Here is a link: http://www.theglobeandmail.com/report-on-business/markets-fret-over-greece-debt-woes/article1392812/

Michael

Full post as published by Texas Lawyer Blog on December 09, 2009 (boomark / email).