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Monday, March 07, 2011

Greece Debt Rating Downgrade

by Calculated Risk on 3/07/2011 08:57:00 AM

The following is a reminder that there is a special eurozone debt crisis summit scheduled for Friday, March 11th.

From MarketWatch: Moody’s cuts Greece rating, stokes debt fears

Moody’s Investors Service cut Greece’s sovereign-debt rating Monday by three notches to B1 ... The ratings agency, which also assigned a negative outlook to Greece’s ratings, highlighted the government’s difficulties with revenue collection and noted a risk that Athens might not meet the criteria for continued support from the International Monetary Fund and the European Union after 2013.

That could result in a voluntary restructuring of existing debt, the ratings agency said.
The Ten Year yield for Greece is at 12.4%.

Here are the Ten Year yields for Ireland, Portugal, Spain, and Belgium. All moving up some today ...

On U.S. economy:
Summary for last week ending March 4th
Schedule for Week of March 6th