January 16, 2012
Watch the Greeks, Not Ratings Agencies
Buttonwood's Notebook, Buttonwood's Notebook
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.
TAGGED: Greece, Eurozone