Paddy Power bookies are saying this about Greece:
'Greece is now odds on to receive a default rating from Standard & Poors after the ratings agency announced that French led proposals would amount to a default under the firms rating criteria.
'Paddy Power has Greece at 4/7 to receive a default rating and 5/4 to avoid such a rating before the end of 2011. Odds are also available on the next S&P downgrade for Greece with before the end of September 2011 the favourite at 4/6 and July to December 2012 a less likely occurrence at 12/1.
'The news raises further concerns on the future of the Eurozone and Paddy Power have cut the odds on the Eurozone to break up by 2015 to 6/5 from 13/8 and a break up by 2020 is 8/13 down from 5/6.
So much for the EU's attempts to pile austerity measures on austerity measures... doesn't seem to be fooling the credit reference agencies. Aren't the proposals essentially just another bank bail-out, this time of the German/French/British banks that foolishly made bad investments? Shouldn't the banks have to shoulder at least part of the pain - by re-scheduling debt repayments, perhaps?
Feel very sorry for the Greek people, being hit with savage austerity measures that aren't going to work anyway. It wasn't ordinary people who got them into this mess, surely, it was politicians and bankers... (and tax-dogers - although that does seem to be the national game in Greece).
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bookies offering 4/7 that Greece will get a 'default' rating from the credit ratings agencies...
5 replies
edam · 04/07/2011 12:37
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