January 16, 2012

Watch the Greeks, Not Ratings Agencies

Buttonwood's Notebook, Buttonwood's Notebook

AP Photo

WHILE the big headlines over the weekend were about S&P's downgrades of European countries, the more worrying news came from Greece, where talks on a debt deal broke up. While I am not as negative as some on the agencies (their record on rating sovereign debt is pretty good), the market had already anticipated a downgrade of France, which has been paying a higher rate on its debt than Germany.

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TAGGED: Greece, Eurozone

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