Tuesday, February 14, 2012

Greece Was Just The Appetizer

The main course is yet to come. I hope you like Italian.
London, 13 February 2012 -- As anticipated in November 2011, Moody's Investors Service has today adjusted the sovereign debt ratings of selected EU countries in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis and how these risks exacerbate the affected countries' own specific challenges.

Moody's actions can be summarised as follows:
  • France: outlook on Aaa rating changed to negative
  • Italy: downgraded to A3 from A2, negative outlook
  • Portugal: downgraded to Ba3 from Ba2, negative outlook
  • Spain: downgraded to A3 from A1, negative outlook


SarahB said...

Crimony, guess the whole Mediterranean has to burn before it's all over.

K T Cat said...

Yep. Greece isn't finished burning yet, either. That vote was just an agreement to the broad outlines of the austerity measures. The details have yet to be worked out.