Another one booms and bust

Standard & Poor’s have put Greece on their Credit Wach list for possible downgrade of the nations debt. Greece follows in the fotsteps of Island, Ireland, Spain and Dubai. Another domino has fallen in the system of state finance.

“The fiscal consolidation plans outlined by the new government are unlikely to secure a sustained reduction in fiscal deficits and the public debt burden.”

Standard & Poor’s Ratings

Standard & Poor’s har satt den greske stat sin obligasjonsgjeld på observasjonslisten for vurdering av en mulig nedgradering. En ny dominobrikke har falt i statsfinanssystemet.


Kredittvurderingsbyrået Standard & Poor’s har satt Hellas på sin observasjonsliste for å ta stilling til å landets offentlige gjeld skal nedgraderes fra “A-” til “BBB+”.

Det opplyser Standard & Poor’s Ratings i en melding.

Prisen på greske Credit-defalut Swaps – som reflekterer kostnadene på gjeldens forsikringe – gjorde et hopp på 0,11 prosent etter meldingen fra S&P’s.
Hellas må nå betale over 3 prosent i “risikopåslag” på sin gjeld – om lag 2 prosent mer en de fleste andre land i Europa.

“The ratings on Greece have been placed on CreditWatch negative to reflect our view that the fiscal consolidation plans outlined by the new government are unlikely to secure a sustained reduction in fiscal deficits and the public debt burden. Without further measures, debt will reach 125 percent of gross domestic product next year, the highest among the 16 countries using the euro.”

Snøball

Hellas er ikke alene om økende problemer med å betjene sin statlige gjeld, som skyldes store lånefinansierte offentlige kostnader i forbindelse med finanskrisen.
Island var det første landet som gikk overende. Nylig måtte det arabiske emiratet Dubai be om utsettelse på sine gjeldsforpliktelser, Hellas kan bli den neste land med betalingsproblemer.

I faresonen er også Latvia, Litauen, Irland, Portugal, Spania og Ungarn.
Standard & Poor’s skal innen to måneder avgjøre den videre økonomsike skjebnen til grekerne.
“We expect to resolve the CreditWatch placement within the next two months, after we receive further information from the Greek authorities on their plans to counter intensifying economic and fiscal pressures. If we conclude that the government’s strategy is aggressive enough to secure a significant and sustained decline in the public debt burden, the ratings could be affirmed. Conversely, we could downgrade the rating by one notch to ‘BBB+’ if we view the government’s fiscal assumptions as unrealistic, particularly given the risk that the Greek economy may underperform many of its Eurozone peers over the medium term.”


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