Not Sports Related But I Think That The Meltdown Has Commenced
Greece is burning and financially collapsing. The rest of Europe except maybe Germany at this point is hanging by a slim thread.
The NASDAQ, I don't follow the DJIA, is down over 100 today and right now down close to 10% for the week.
I have a feeling it is going to get really ugly and make the fall of 2008 look like a cake walk.
I hope that I am wrong.
Moody's Cuts Greece Government Ratings to Junk
Published: Monday, 14 Jun 2010 | 2:19 PM ET
Moody's on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country.
Moody's cut the government bond ratings of debt-laden Greece to Ba1 Monday, moving the debt one notch into junk status.
The agency downgraded the rating by four notches to Ba1, placing it one notch into junk status. The outlook is stable.
Moody's [MCO 19.91 0.23 (+1.17%) ] also downgraded Greece's short-term issuer rating to not-prime from Prime-1.
The rescue package "effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible, and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels," said Moody's senior analyst Sarah Carlson.