Voices from Russia

Saturday, 2 June 2012

Moody’s Downgrades Greece’s Country Ceiling on Exit Risk

Here’s “what for” for “austerity“… note well that “austerity” means “mucho pain for the working stiffs… gigundo gain for the affluent effluent”. Am I the only person to notice that “austerity” consists completely in cuts in services to ordinary people, but absolutely no increases in taxes on the One Percent? Perspirin’ minds wanna know…

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On Saturday, Moody’s lowered its assessment of the highest rating that it can assign to a domestic debt issuer in Greece by four points to Caa2, saying, “it’s due to the increasing risk of an exit by the country from the Eurozone”. Moody’s indicated that although the risk of a Eurozone exit by Greece is substantial, it’s still not its “central case” or most likely scenario, noting, “Following the 17 June Greek parliamentary elections, it’s possible that the risk of a Eurozone exit will increase further. If that were to occur, the maximum rating Moody’s would assign to Greek securities would fall further”.

The highest rating of any Greek security is now at B1. France’s Société Générale said that the possible loss of the Greece’s exit might amount to 360 billion Euros (15.09 trillion Roubles. 447.3 billion USD. 291 billion UK Pounds) or 3.8 percent of the Eurozone’s GDP level. Greece is trying to avoid default and withdrawal from the Eurozone by implementing an austerity program in exchange for multi-billion-dollar loans from the EU and IMF. Athens was planning further austerity measures to save some 33 billion USD (1.12 trillion Roubles. 26.6 billion Euros. 21.5 billion UK Pounds) through 2015. The country’s total debt has ballooned to 490 billion USD (16.53 trillion Roubles. 394.4 billion Euros. 318.9 billion UK Pounds).

2 June 2012

RIA-Novosti

http://en.rian.ru/world/20120602/173803869.html

Editor’s Note:

A good deal of the Greek debt was NOT for the social programmes excoriated by Neoliberal scummers. Rather, it was for arms that NATO demanded that Greece buy to “upgrade” its armed forces. This money went to Germany, France, and the USA… not to Greece. Puts a whole different face on the matter, doesn’t it? The rightwing slimers who’re screaming for “austerity” are the very ones who profited from the financial shell-game in the first place, and the Greeks didn’t benefit one busted sou. The very people berating the Greeks for being spendthrift are the very people who pocketed most of the profit from the Greek loans (Greek pols and landshark “capitalists” ate up the rest). That’s to say, the Greek people didn’t gain one measly farthing {it’s interesting to note that a British decimal penny’s worth is nominally 9.6 times that of the old farthing, but it only buys half as much… bozhe!: editor}, but they’re the ones expected to pay the full bill for Merkozy’s {a portmanteau of “Merkel” and “Sarkozy”… an illustration of pro-American Neoliberal running dog politics: editor} toot.

Crank, ain’t it? It’s not what you read in the corporate-financed media, is it? Now, I think that you can see why Greece’s leaning towards SYRIZA. Wouldn’t you?

BMD

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