Greece Downgraded
Published / Last Updated on 21/04/2010
by Ashley Clark, Director
Moody's the ratings agency downgraded Greek debt to its A3 rating from A2 yesterday. This blow comes at the same time officials from the International Monetary Fund (IMF) and the EU are discussing how to move forward with the Greek bail out.
Stockmarkets in Europe were nervous yesterday, with the FTSE100 falling back below the 5700 mark. The nation's debt is now trading well above the levels implied under the bail out scheme.
The cost of Greek debt soared with the 10-year benchmark rising to a yield north of 8.5% and the two year bonds above 10%. The spread now between German and Greek government debt is now over 6%.
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