European Sovereign Debt Crisis
See also: European sovereign debt crisisOn 27 April 2010, the Greek debt rating was decreased to "junk" status by Standard & Poor's amidst fears of default by the Greek Government. They also cut Portugal's credit ratings by two notches to A, over concerns about its state debt and public finances on 28 April. On 5 July 2011, Portugal's rating was decreased to "junk" status by Moody's (by four notches from Baa1 to Ba2) saying there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again, and private lenders might have to contribute.
On 13 July 2012, Moody's cut Italy's credit rating two notches, to Baa2 (leaving it just above junk). Moody's warned the country it could be cut further.
Read more about this topic: High-yield Debt
Famous quotes containing the words european, sovereign, debt and/or crisis:
“Unsophisticated and confiding, they are easily led into every vice, and humanity weeps over the ruin thus remorselessly inflicted upon them by their European civilizers.”
—Herman Melville (1819–1891)
“Psychoanalysis can unravel some of the forms of madness; it remains a stranger to the sovereign enterprise of unreason. It can neither limit nor transcribe, nor most certainly explain, what is essential in this enterprise.”
—Michel Foucault (1926–1984)
“Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.”
—Rutherford Birchard Hayes (1822–1893)
“Tennis is more than just a sport. It’s an art, like the ballet. Or like a performance in the theater. When I step on the court I feel like Anna Pavlova. Or like Adelina Patti. Or even like Sarah Bernhardt. I see the footlights in front of me. I hear the whisperings of the audience. I feel an icy shudder. Win or die! Now or never! It’s the crisis of my life.”
—Bill Tilden (1893–1953)