S&P makes Greece the least credit-worthy country
 

Standard & Poor's has cut Greece's credit rating, making it the world's least credit-worthy country.

The ratings agency cut Greece three notches from B to CCC and said the country was likely to default on its debts at least once by 2013.

The Greek government said the downgrade ignored its efforts to secure funding.

It has been trying to push through fresh austerity measures as part of the conditions for the EU and IMF's 110bn euro ($159bn; £97bn) bail-out package.

The package will be debated in parliament later this week, with unions planning a general strike for Wednesday.

'Viable solution'

Meanwhile, European banks are negotiating a deal under which they will buy new Greek bonds to replace the ones they have that are maturing.

S&P said it was likely that the EU would impose a restructuring of Greece's debt, which it would treat as a default because it would probably be on less favourable terms for the lenders.

In a statement, the Greek Ministry of Finance said, "The decision ignores the intense consultations taking place currently between the same institutions and the IMF aimed at designing a viable solution that will cover the financing needs of Greece in the coming years."

http://www.bbc.co.uk/news/business-13758305


Note: 13 June 2011 Last updated at 22:43 GMT

On a positive note (if that's possible)...plenty of cheap european holidays are now forecast to that destination.

Right, I think they should leave the EU, so that there is too much money there, which is already done, and that they had these difficulties before they entered the EU, so travel there, before they go out of business, :hmmm:

Finnaly, I'll be able to afford a return trip to Ios :DL

You do that and enjoy.

Greece is one of the countries I've never been to....was in Cyprus for my honeymoon but never the Greek mainland.

I recommend it. Only positive experiance when I was there, but you have to be patient. They're easy going. Your brain has to be turned off, especially for a western European, who are used to some speed when it comes to services. Shame that such a nice country goes bust.

And I recommend Ios. Even if you feel too old for the wild parties, just keep someone that knows CPR close to you :DL I was 21 and almost died down there :DL

Yes a trip to Greece may be in the cards for me this year, besides visiting family always wanted to go to Crete, Olympus, Mt. Athos and other historic Hellenic/Byzantine sites.

@Betonov, the easy going attitude is cause all the most driven people emigrated. :O: Actually some truth in that, was told by someone on another forum living in Germany that the Greeks there are known as very hardworking. :hmmm:

That proves my theory, it's the heat :DL Once they emigrate to colder climates they speed up :DL

Greece's Credit Rating cut?
What on Earth? But why?
Wait..what?

Just for the simple matter that the State has a very long time, allowed people to retire, between 50-55 years of age, and thus lost thousands of billions in tax revenue, very unwise and foolish, as their main source of income is tourism.

TBH when I lived in Holland I found that country exactly how you describe Greece....well laid back.

The wife couldn't understand how someone in front of her at a shop would have a fifteen minute conversation and not spare any consideration for those still waiting to be served :DL

Looks like the German Army is about to march into Greece. :hmmm:

Of course with the blessing of the EU.

Thanks, Steed and David :D