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Moody’s Says Voluntary Participation on Greece’s Debt Is Hard to Imagine
By Aaron Kirchfeld - Jun 9, 2011 2:30 PM GMT+0200 Thu Jun 09 12:30:10 GMT 2011
Moody’s Investors Service said it’s “hard to imagine” voluntary investor participation in a restructuring of Greek debt and a possible default would increase the risk of Portugal and Ireland being unable to meet their payment obligations.
“It’s hard to imagine something that’s truly voluntary in the current climate,” Bart Oosterveld, managing director in charge of sovereign risk at Moody’s, said at a press conference in Frankfurt today. “The default risks for peripheral European countries continue to increase.”
Moody’s said in today’s presentation that there is “no such thing as a default that is both orderly and meaningful,” adding that 50 percent of the countries placed on a credit rating of CAA1 in the past have defaulted. Eurozone leaders will continue to provide liquidity support to try and limit contagion, Oosterveld said today.
(bloomberg)