Moodys: Greece Is Junk EU: Nuh-uh! Is Not!

June 15, 2010 at 08:22 (Economy, Global Warming, News)

Pathetic.

The European Union’s top economic commissioner Olli Rehn has criticised US-based rating agency Moody’s on Tuesday for slashing its sovereign debt rating for Greece to ‘junk’ status.

Rehn told a debate in the European parliament that the decision to cut Greece’s rating was both surprising and unfortunate at a time when EU and IMF auditors were taking a hard look at the country’s attempts to slash its debt.

The agency said that considerable uncertainty about Greek plans, even with the help of an EU-IMF bailout package, to reduce its huge debt and balance its finances justified the ratings cut by four notches from A3 to Ba1.

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