InfoAnda - Greek downgrade sparks eurozone anger

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Dispute Over NYC Subway Seat Ends Badly When Pest Control Worker Kills Homeless Man | 24 November 2009
Sony warns may fall short of LCD TV sales target | 20 December 2010
Israel warned against halting cash flow to Gaza | 15 December 2008

South Lebanon people wary of French peacekeepers | | 10 July 2010

Forum Views () Forum Replies ()

Read more with google mobile : Greek downgrade sparks eurozone anger

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Greek downgrade sparks eurozone anger AFP - Wednesday, June 16 Send IM Story Print Greek downgrade sparks eurozone anger ATHENS (AFP) - – Eurozone officials on Tuesday denounced a sharp debt downgrade for Greece where officials insisted an EU-IMF-backed recovery plan was bearing fruit as they braced for street protests against austerity measures. The move by ratings agency Moody's on Monday to cut Greek debt to junk status came as auditors from the EU and the IMF scrutinised claims by Greece that it was ahead of target in fighting its debt mountain and public deficit. Olli Rehn, the EU's top economic commissioner, told the European parliament the Moody's decision was "surprising and highly unfortunate" and said it raised questions about the role of ratings agencies in the financial system. Jean-Claude Juncker, head of the eurozone finance ministers' group, called the move "irrational," notably in light of substantial support for Greece from the European Union and the International Monetary Fund. "I am totally convinced that ... a few months from now, the financial markets will see that they were wrong. They're misinterpreting the decisions which have been taken," he said. Moody's said that considerable uncertainty about Greek plans, even with the help of a 110-billion-euro (135-billion-dollar) EU-IMF bailout package, to correct public finances justified the ratings cut. "This uncertainty represents a risk that leads Moody's to believe that Greece's creditworthiness is now consistent with a Ba1 rating, a rating which incorporates a greater, albeit, low risk of default," it said. The downgrade, from a rating of A3, means some investors will no longer be allowed to buy Greek debt under terms of their investment mandate and could lead to still higher borrowing costs for Athens if it goes to the markets for cash. Moody's followed up with a decision Tuesday to downgrade the debt and deposit ratings of nine Greek banks, questioning the capacity of the Socialist government to support its banking network. Analysts at Citigroup Global Markets warned that strains on the Greek banking system had intensified recently, with deposit outflows accelerating and banks increasing their holdings of Greek government bonds. But the impact of both moves by Moody's is not likely to be as painful for Greece as were ratings agency downgrades earlier this year. The Greek economy has been largely shielded by the EU-IMF bailout mechanism, which allows the government to by-pass the bond market and borrow at below-market rates. In addition, the European Central Bank has extended easy credit terms to Greek banks and is buying government debt bonds. "There has been so much negative comment about the fiscal position of Greece in the past few months that it would be an exaggeration to say that ... the downgrade of Greek debt to junk status by Moody's was a complete surprise," said analyst Jane Foley at Forex.com. "That said, the news serves as a reminder that fears of a Greek default still exist and also of the depth of problems that still face the eurozone." The euro, which fell against the dollar early in the day Tuesday, later clawed its way back above 1.23 dollars on Tuesday as investors shrugged off the downgrade. But the yield, or interest, that Greece would have to pay to raise money on the international bond market jumped to 9.060 percent on 10-year paper Tuesday from 8.302 percent on Monday, signalling continued investor nervousness. The Greek government insisted that the downgrade "in no way reflects the progress we have made in the last few months, nor the opportunities opened by our budgetary stabilisation." The Greek press took up the theme on Tuesday, with the pro-government paper Ta Nea accusing Moody's of "sabotage" The liberal Kathimerini described the move as "a blow below the belt." Investors nonetheless remain uneasy in the face of concerns that the government's remedy mix of tax rises, wage freezes and spending cuts could provoke social unrest. Recent months have seen a wave of strikes and protests and unions are planning fresh demonstrations on Wednesday. But Greece is apparently having some success in attracting foreign investment. China now plans to invest billions of euros in shipping, logistics and airport projects in Greece, with investment deals due to be signed during a visit to Athens by Chinese Vice-Premier Zhang Dejiang. Recommend Send IM Story Print News Search Top Stories Obama to address nation as oil chiefs grilled BP shares fall further as Fitch slashes rating close to junk FDA experts say new "morning after" pill safe, efficient Greek downgrade sparks eurozone anger Spanish unions call general strike over labour market reform More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended BP denies bankruptcy rumors, seeks advice World Cup marred by riots over pay, empty seats Sons more likely to swindle their mums: study BP shares fall further as Fitch slashes rating close to junk FIFA rules out banning vuvuzela horns More Most Viewed » The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Wednesday, 16 June 2010
Afghan district chief killed by Kandahar car bomb
BP shares fall further as Fitch slashes rating close to junk
Google to scan 400,000 Austrian library books
Nintendo unveils 3-D handheld DS videogame device
Britain finally says sorry for Bloody Sunday killings
5 NATO troops, Afghan official die as attacks rise
Spanish unions call general strike over labour market reform
Microsoft Office 2010 goes on sale worldwide
5 NATO troops, Afghan official die in Afghanistan
FDA experts say new "morning after" pill safe, efficient
New Michael Jackson Video Game In The Works from Ubisoft
N. Korea warns U.N. council of military follow-up |
Thailand sets up unit to tackle websites insulting royals
Greek downgrade sparks eurozone anger
Hostage drama in German H and M branch
Afghan district official among 3 killed in south
Florida Teen Helps Deliver Baby Sister On Birthday
Best Buy Q1 Profit Misses Estimates, Shares Drop
5 NATO troops killed in Afghanistan
Mobile video calls the next frontier, says Skype head
RIM making new touchscreen smartphone, tablet device: WSJ
Gen. Petraeus Momentarily Collapses At Senate Hearing,
Apple's App Store success a hard act to follow: analyst
Manufacturing Holding Steady, While Home Building Confidence Eases
Israel reviewing Gaza blockade format: minister |
Music Teacher Found Guiilty Of Sexually Molesting Girl In Hindu Temple
MEP Urges Swift Implementation Of EU-USA Counter-Terrorism Agreement
Pharrell Leads Soundtrack To Animated 3D Comedy "Despicable Me"
Eminem, Soundgarden Perform At Activision Preview Event
Lady Gaga Auctioning "Poker Face" Necklace To The Lowest Bidder
Asians aim to make a splash at Pebble Beach
N.Korea 'will react militarily to UN condemnation'
S.Korea to re-enact naval battle amid tensions
Customers suffer delays ordering new iPhone |
Nintendo shows off 3D portable game device |
Book asks why do video games matter? |
Kia pulls 56,000 cars for brake fault check
China's US govt debt holdings hit 2010 high: Treasury
BBBBzzzz! Noisy iVuvuzela latest app |
'Cove' star calls on Hollywood to save dolphins
Defense firms face cyber spying at arms bazaar |
AT&T says voice quality near where it should be |
Japan iPhone pre-orders trigger long lines
Graveyard to bird watching, marsh grass fills Grand Isle yard
Paris bans 'anti-Islamisation' pork-and-wine street party
Spain planning burqa ban: government
Small town South Africa misses out on World Cup tourist boom
No deal between Stieg Larsson's partner and heirs: family
Elvis Presley's Graceland to get look-a-like in Denmark
'Cove' star calls on Hollywood to save dolphins
White House gate-crashers to debut on TV's Housewives |
Prince to get BET Lifetime Achievement Award |
Iran parliament backs 20% uranium enrichment
France to raise retirement age from 60 to 62
Rising concern in US Congress over Afghan war
Strong quakes hit off Indonesia's Papua |
Nintendo recruits James Bond, Mickey Mouse for new games
Flash floods claim 10 lives in southern France
Suspected Hezbollah financier arrested in Paraguay
Russian, US astronauts blast off to ISS: television
Asian technology firms bet on a 3D future
Obese have poorer sex life: study
PlayStation 3 videogames go 3-D in a big way
5 NATO troops, Afghan official die as attacks rise
Oxfam worker kidnapped in Chad freed: minister
Kyrgyz city charred after days of ethnic fighting |
Obama to address nation as oil chiefs grilled
Twitter warns users to expect more outages
British PM apologizes for Northern Ireland's Bloody Sunday |
Apple, AT&T overwhelmed by iPhone pre-orders
New York City launches its own Media Lab
North Korea warns U.N. council of military follow-up |
Gunmen kill radio reporter in northern Philippines |
Mexican army kills 15 suspected drug gang members |
Japan's new PM survives no-confidence motion
White House to take questions via YouTube on oil spill
Afghan leader faces tough questions during Japan trip
Global Weather-Celsius
Quake kills two in Indonesia
Petraeus passes out at US Senate hearing on Afghan war
South China Sea Piracy on the rise: watchdog
AT&T hit with order and privacy complaints over iPhone |
Wedding stoves triggered Dhaka blaze: probe
Game on: Nintendo, Sony, Microsoft wage war |
T-Mobile USA says on track with mobile data upgrade |
At least two killed in Indonesia quake: police
At least 35 dead in south China flooding
Sony jumps into motion games fray with Move |
China nuclear firm denies leak, admits tube cracks
Second, third screens boost ESPN audience: exec |
Malaysia university drive against terrorism
Elderly Swiss man freed in Philippines
PlayStation 3 videogames go 3-D in a big way
US approves futures market for film box-office bets
Microsoft Kinect arrives November 4th |
World Cup scares off hunters in South Africa
Brazilian football has Haitians euphoric at last
Africa joins World Cup party, when lights are on
Toyota to agree steel price hike: report
US approves futures market for film box-office bets
India's central bank mulls inflation curbing moves
Hyundai signs mega deal with Saudi power plant
Suzuki to make more cars in India than in Japan
PlayStation Move set for September release
IMF's top Chinese official seeks revamp of Asia growth model
Critics predict Emmy nods for Good Wife, Glee |
Chinese screen reaches out for more foreign actors
Miley Cyrus no underwear photo is fake, blogger says |
Sheridan amends Desperate Housewives lawsuit |
Anthony Robbins motivated about his new NBC show |
Prince to get BET Lifetime Achievement Award |
Hunt for MGM CEO hits snag |
Sarah McLachlan resurfaces with new album, tour |
Vince Neil covers Elton, Elvis on solo album |
Afghan president seeks support on Japan visit
Dutch women in World Cup beer stunt released on bail
2 US service members killed in Afghanistan
Israel pushes Gaza blockade talks to Thursday |
Euro drops under $1.23
Iran says to set terms for any new nuclear talks |
Four police killed in shootout in Russian Caucasus
Floods in Myanmar kill at least 25 |
Whale poop fights climate change: study
Bloody Sunday soldiers 'should not be prosecuted'
Accident at BP Rotterdam refinery kills worker |
U.S. showed Pakistan evidence on militant faction |
Seven killed in Russia's Dagestan region: Ifax |
French storms and floods kill 15 |
Hi-tech navies take on Somalia's pirates |
United States warns against traveling to Nepal
Internet a risk to nation, says Indonesian minister
Japan's Softbank sees deluge of iPhone pre-orders
Afghanistan seeks bids to tap huge mineral wealth
Asian teams do continent proud at World Cup
Australian maternity benefit 'may prompt abortions'
Dreams of unity as plucky N.Korea lose to Brazil
Go Australasia! Aussies claim Kiwis' Cup success
Sony Ericsson launches new smartphone, upgrades X10 |
Edge Games Suing EA Over Mirror's Edge Video Game, Trademark Issues
Ohio Funeral Home Closes Amidst Corpse Mishandling Allegations
BP Orders Oil Separating Devices From Actor Kevin Costner
Nassau Corrections Officer Arrested In Fatal Shooting Of 2
Civilian With Explosives Arrested At Fort Gordon
Closing Arguments In Proposition 8 Trial Begin Wednesday
Earthquake Rattles Southeastern Coast Of Alaska
Old Spice Ad Guy Scores NBC Talent Deal
Study: 67% Of Americans Play Video Games
DEA Suspends License Of Drug Firm That Sold Painkillers Diverted To Traffickers
New playdate, same ol' Woody, Buzz in Toy Story 3 |
Harry Potter actor Rupert Grint ready to move on |
Australia Foots $300,000 Rescue Bill Of U.S. Teen Sailor
Flight Attendant Replaces Sick Co-Pilot, Helps Plane Land Safely
Jesus Statue Hit By Lightning Burns To Ground
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01