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Debt Ratings Are Lowered for Portugal and Greece

Debt Ratings Are Lowered for Portugal and Greece

The move by Standard & Poor’s on Tuesday deepened Europe’s debt crisis, and investors sold off government bonds amid fears of a default.

 

Greece must make more cuts, size not yet clear: EU

BRUSSELS (Reuters) - Greece must take additional measures to reach its deficit-cut target of 4 percent of GDP in 2010 but it is not yet clear how far short Athens is with steps announced so far, the European Commission said on Tuesday.

 

Greek PM says corruption at heart of crisis

Greek PM says corruption at heart of crisis

Corruption and impunity from prosecution lie at the heart of Greek's debt crisis, Prime Minister George Papandreou said on Monday, calling on citizens to stomach the pain required to put the country back on track.

 

Greek Debt Crisis: Goldman Sachs Reportedly Helped Greece Dodge EU Deficit Rules

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

 

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