In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Saturday, September 10, 2011

Greece Update

by Calculated Risk on 9/10/2011 06:25:00 PM

There was a rumor on Friday that Greece would default this weekend. That seems very unlikely, although Greece is running out of time. Also there are quite a few protests going on in Greece today.

• From the Financial Times: Greece vows to avoid default at all cost

[Prime Minister] George Papandreou has vowed to fully implement reforms ... so that Greece will be able to avoid default and remain a member of the eurozone. ... ”We’re travelling on an uphill road during an international storm … but our first priority is to save the country from bankruptcy.”
He also [said] several struggling Greek banks ... would be nationalised ...
excerpt with permission
• From the WSJ: Greek Leader Vows To Press Changes
Prime Minister George Papandreou vowed Saturday that the country would meet its budget targets and press ahead with difficult reforms, even as thousands demonstrated against those reforms on the streets of Greece's second largest city.
"Even if the recession this year is appreciably bigger than the original forecasts…Greece will meet its fiscal targets doing all it has to do," Mr. Papandreou said.
• On France from Reuters: French banks braced for credit-rating downgrade-sources
France's top banks are bracing themselves for a likely credit rating downgrade from Moody's ... Several sources said on Saturday that BNP Paribas , Societe Generale and Credit Agricole were expecting an "imminent" decision from the ratings agency, which first put them under review for possible downgrade on June 15.
Schedule for Week of Sept 11th
Summary for Week ending September 9th