S&P Downgrades Ratings in Nine Euro-zone Countries
2012-01-14
The ratings agency, S&P, released a statement today that pointed out the proper assessment of pecuniary conditions of countries in the Euro-zone.
In response to the ongoing debt crisis in the region, European policymakers are expecting to persuade private creditors to undergo debt swap and accept voluntary losses with respect to Greek bond holdings. The maturing debt would amount to 14.4 billion euros.
Private credit holders, represented by Greek negotiators, and the banks, represented by the Institute for International Finance, still are divided over what the interest rate the Greek Government has to pay, and how much of that is to be shared by the banks.
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