The Greek Debt Problem Is Solved!

... for this week!

Greece’s credit ratings were cut to the lowest level by Moody’s Investors Service late on Friday after the country negotiated the biggest sovereign debt restructuring ever.

Moody’s dropped Greece’s rating to C from Ca, saying in a statement that investors who participate in the nation’s debt exchange will get about 70 percent less than the face value of their holdings. The deal constitutes “a distressed exchange, and hence a default,” the New York-based rating company said...

The country faces a high risk of default even if the plan is successful, Moody’s said. It will be unlikely to be able to sell bonds to private investors once its bailout package runs out, according to the rating company.

Emphasis mine.

This wears off, you know.