• The Economic Spy
“Beware of Greece bearing bonds!” or “Is a Greece default imminent?”
What will a default by Greece on its debt mean not only to that country but to the rest of the world? We may find out sooner than later as;
Fitch downgraded the debt of Greece Friday to B+;
Norway suspended financial aid to Greece in mostly a symbolic move;
The spread between 10 year bonds of Germany and Greece is 13.73%;
Overall support by other EU countries and the IMF to bail Greece out again seems to be waning.
At the same time other EU countries such as Spain and Italy are facing problems of their own.
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