Full story here. And Greece = Default is coming soon, even if the EU keeps redefining the waterline on the sinking ship.
“The big story hitting the news wires yesterday (besides Tiger’s mother in law) was Fitch downgrading Greece’s debt.
Fitch cut Greece’s debt rating to BBB+. To make things worse, the two other major rating companies are threatening to follow Fitch’s lead. Yesterday, the airwaves were filled with pundits warning that Greece would default.
If that happens, Greece would be the first EU default since Germany defaulted almost 90 years ago.
But honestly, Greece has a few things working in their favor. First of all, Greece is still a member of the European Union, so EU officials have already stepped in to help. They calmed down the markets yesterday afternoon, stating they will lend their support to help Greece with its budget deficits. (more…)