S&P affirms Greece’s BBB+ rating

By Peter Boockvar - March 16th, 2010, 11:32AM

S&P affirmed Greece’s BBB+ credit rating and took them off credit watch with negative implications but the outlook is negative from stable (which reflects their view of the govt’s ability to sustain reform momentum in the medium term). S&P said “we view the Greek govt’s total package of deficit reduction measures as appropriate to achieve its 2010 fiscal target, given the deterioration in Greece’s growth prospects.” They see “real GDP contracting by 4% this year.” “Despite the new measures, we think it will be difficult for Greece to comply fully with its planned consolidation path…if it does not implement additional measures in teh coming years.”

PERMALINK
Category: MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “S&P affirms Greece’s BBB+ rating”

RodgerMitchell Says:
March 16th, 2010 at 7:37 pm
S&P is correct. Reduced deficit spending guarantees Greece’s GDP will contract, and 4% may be wildly optimistic. If Greece is forced to decrease its money supply, it will go into a depression. Today is March 16, 2010. You heard it here first.

Rodger Malcolm Mitchell
RodgerMitchell Says:
March 17th, 2010 at 11:51 am
3/17/10: “(AP) ATHENS, Greece (AP) – Greece could seek IMF funding to help overcome its debt crisis if its EU partners do not provide “clear support” next week, a government spokesman said Wednesday.”

Here we go!

Rodger Malcolm Mitchell