High-yield Debt - European Sovereign Debt Crisis

European Sovereign Debt Crisis

See also: European sovereign debt crisis

On 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:

    “If Germany, thanks to Hitler and his successors, were to enslave the European nations and destroy most of the treasures of their past, future historians would certainly pronounce that she had civilized Europe.”
    —Simone Weil (1909–1943)

    “O sovereign mistress of true melancholy,
    The poisonous damp of night disponge upon me,
    That life, a very rebel to my will,
    May hang no longer on me. Throw my heart
    Against the flint and hardness of my fault,
    Which, being dried with grief, will break to powder
    And finish all foul thoughts. O Antony,
    Nobler than my revolt is infamous,
    Forgive me in thine own particular,
    But let the world rank me in register
    A master-leaver and a fugitive.”
    —William Shakespeare (1564–1616)

    “Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
    —Camille Paglia (b. 1947)

    “The change from storm and winter to serene and mild weather, from dark and sluggish hours to bright and elastic ones, is a memorable crisis which all things proclaim. It is seemingly instantaneous at last.”
    —Henry David Thoreau (1817–1862)