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Fitch Says Greek Default Highly Likely

Fitch had previously said it would consider Greece in "restricted" default if an EU bailout deal went ahead. Fitch had previously said it would consider Greece in "restricted" default if an EU bailout deal went ahead.
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Fitch had previously said it would consider Greece in "restricted" default if an EU bailout deal went ahead.
Fitch had previously said it would consider Greece in "restricted" default if an EU bailout deal went ahead.
The Fitch international ratings agency has cut its long-term rating on Greek debt bonds by two notches -- from "triple C" to "C."

Fitch says it now considers a Greek debt default to be "highly likely in the near term."

The move follows the announcement on February 20 of a Greek debt swap deal with private creditors -- a plan in which private banks and other financial institutions are being asked to write off some 107 billion euros of debts they are owed by Athens.

In June, Fitch said it would consider Greece to be in a "restricted" default if the deal went ahead.

Greek Finance Minister Evangelos Venizelos has said the debt write off -- along with a 130 billion euro in bailout loan agreed by eurozone countries -- has helped Greece avoid a "nightmare scenario."
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by: Steve Thompson from: USA
February 22, 2012 14:37
Here's an article that shows what has happened to the yield on Greek bonds since the debt crisis began:

http://viableopposition.blogspot.com/2012/01/greek-bonds-double-your-money-in-no.html

Apparently, the world's bond markets have already factored in a default.

by: Eugenio from: Vienna
February 22, 2012 16:13
GREECE is going to go bankrupt anyways. Since the "salvation" actions by the IMF, ECB and Frau Merkel were initiated about two years ago, the sovereign debt of the country has gone from some 120 % of its GDP to some 170 % of its GDP. At the same time, the economy - and therefore the taxes perceived by the Greek govt - has continued shrinking (a loss of about 15 % of GDP starting from late 2008). The obvious questions are: how can Greece possibly ever pay its debts off in this situation? Has the EU "salvation" action contributed to reducing the sovereign debt of Greece? Obviously, it hasn't - it has just conributed to augmenting it with the purpose of depriving the Greek people of their sovereignty, and their possessions AND THEN letting the country go bankrupt - we will see it happen this year already.
It is absolutely the same thing the IMF did to ARGENTINA before and in 2001.
VIDEO - Financial Fascism? 'Greeks should revolt against debt slavery!': http://www.youtube.com/watch?v=YnccQngx_AQ&list=UUpwvZwUam-URkxB7g4USKpg&index=4&feature=plcp
VIDEO of anti-capitalist protests and police repression in SPAIN: http://www.youtube.com/watch?feature=player_embedded&v=E71Dxvh3r7g

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