Thursday, April 22, 2010

Moody's Downgrades Greece

Moody's now rates Greek sovereign debt at A3. How it can be rated even that high is amazing.

Keep in mind Portugal and Spain are in worse shape.


  1. Wenzel, why is Spain and Portugal worse off than Greece?

  2. With a patch job, Greece can be bailed out short-term. The price for doing so for Portugal, and especially Spain, is much higher. Spain has unemployment hovering around 20% and couldn't possibly squeeze the money out of the remaining tax payers.

  3. I'm wondering what event(s) will force Spain, Portugal, et al to come to the fore after Greece. Right now, it's like watching a bunch of vaudeville actors pushing each other to see who goes tumbling onto the world stage after the last clown.