From the FINANCIAL TIMES:
The second bail-out of Greece will weaken the credit ratings of Italy and Spain as well as resulting in a default for Athens, Moody’s said on Monday.
The US rating agency downgraded Greece by three notches to Ca, Moody’s next-to-lowest rating and one that implies the country is “very poor or in default”.
But it also warned that, in spite of reducing contagion in some ways, last week’s set of measures to shore up the eurozone could lead to downgrades of creditor countries not rated triple-A because of the precedent for future bail-outs…
Click here to read the full article.
EDITOR: The bailout isn’t about saving the Greek people. Rather it is salvaging European and American banking interests. The banks had ample evidence that they were making risky loans but coveted the high interest rates.
