10.5.11

Greece Aid Speculation

Expanding the lifeline Greece received last year may mean that assets or revenue from asset sales will be required to obtain extra funds, said a person with direct knowledge of the May 6 meeting in Luxembourg, who declined to be identified because the talks are private. While demanding collateral may help avoid a political backlash against bailouts, it may not prevent a restructuring of Greek debt.
Greece’s credit rating was cut to B from BB- by S&P, which said further reductions are possible, with private investors at risk if maturities are extended on the nation’s emergency-aid package. Another rating cut would make Greece the lowest-rated country in Europe as today’s move left it even with Belarus after the fourth reduction by S&P since April 2010.
“We think that Greece does need a further adjustment program. This has to be discussed in detail,” Juncker said in Luxembourg last week, when European finance officials met for talks that included Greece.

http://www.bloomberg.com/news/2011-05-09/euro-holds-onto-no-1-spot-in-currencies-as-eu-shows-resolve-on-greek-debt.html

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