“Moody’s rating agency downgraded Greece’s local and foreign currency bond ratings deeper into junk status on Wednesday, citing an increased risk that the country will not be able to handle its debt problems without an eventual restructuring.
Moody’s downgraded Greece to Caa1 from B1 late Wednesday. Apart from the increased risk of restructuring, the agency also cited “highly uncertain” growth prospects and missed targets in budget reforms.
Although French finance minster Christine Lagarde said restructuring was “off the table,” investors continue to watch for signs that Greece will default.
In response, Greece says that Moody’s downgrade does not take into account government efforts to meet targets and expedite privatisations.”
However Greece Moves Closer to a deal
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(laughter) Moody’s doesn’t take into account government efforts to meet deadlines because government efforts count for shit.
Government accomplishments are what’s important, and they haven’t had many.