Author (Person) | Hope, Kerin |
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Series Title | Financial Times |
Series Details | 7.3.11 |
Publication Date | 07/03/2011 |
Content Type | News |
Moody’s cut Greece’s credit rating by three notches on the 7 March 2011, reducing the country’s bonds to 'highly speculative' status. The Greek government rounded on Moody’s after the decision highlighting a growing risk that the country would have to restructure its public debt. However, on the following day Greece’s cost of borrowing hit the highest levels since the international community intervened to rescue the eurozone bond markets from imploding in May 2010. Greek yields leapt higher amid growing fears that the country would be forced to default on its bonds after the multi-notch downgrade by Moody’s. |
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Countries / Regions | Europe, Greece |