Fitch downgrades Greece rating to junk status

[Mark Maker]

Source: WSJ: Marketwatch

By William L. Watts
LONDON (MarketWatch) -- Fitch Ratings on Friday downgraded Greece's credit rating to BB-plus from BBB-minus. The cut puts Greece's credit rating in junk territory. The agency said the outlook for the rating is negative, which means the rating could be cut further in the future. Although Greece's economic and fiscal performance has exceeded expectations in many respects, "its heavy public debt burden renders fiscal solvency highly vulnerable to adverse shocks," the agency said, in a news release. The negative outlook "reflects that public debt sustainability is still very fragile and renewed access to market financing uncertain," Fitch said. The agency said a "high degree of uncertainty" surrounds Greece's goal of returning to international credit markets in 2012, as stipulated under the International Monetary Fund-European Union bailout.

Read more: http://www.marketwatch.com/story/fitch-downgrades-greece-rating-to-junk-status-2011-01-14

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Hang on, Europe is in for a wild ride. It's mindful of the buildup to WW2.

[villager]

1. Fitch downgrades Greece rating to junk status

Source: Marketwatch

Fitch downgrades Greece rating to junk status

LONDON (MarketWatch) -- Fitch Ratings on Friday downgraded Greece's credit rating to BB-plus from BBB-minus. The cut puts Greece's credit rating in junk territory. The agency said the outlook for the rating is negative, which means the rating could be cut further in the future. Although Greece's economic and fiscal performance has exceeded expectations in many respects, its heavy public debt burden renders fiscal solvency highly vulnerable to adverse shocks," the agency said...

<snip>

Read more: http://www.marketwatch.com/story/fitch-downgrades-greece-rating-to-junk-status-2011-01-14

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So does anyone know -- is this in spite of trying to play ball with the World Bank/IMF money powers-that-be, or because they won't? I.e., one of their "consequences" for not selling out their people in the interests of global capital?

[bossy22]

2. or maybe they are just insolvent

you don't get a "good effort" merit from credit rating agency- they rate you on what your credit actually is. Its true that greece has tried, but maybe its not enough. Greece may just be further up sh*ts creek then we think.

I would like to add that this probably wouldnt happen if greece had its own currency.

[robcon]

3. Next: Ireland.

n/t

[villager]

4. kinda like eating your own tail -- when you downgrade all the countries where once you had offices..

...and thus help collapse their economies...

Where do you go?

[Psephos]

5. And then: Portugal. n/t

[unkachuck]

6. "its heavy public debt burden renders fiscal solvency highly vulnerable to adverse shocks,"

....'vulnerable to adverse shocks' meaning more banksterism?....meaning more corporate welfare?....more corporate war?....more corporate unemployment?

....Greece needs to downgrade Fitch to corporate fascist status....