Greece avoids S&P downgrade
Standard and Poor's on Tuesday said it would not further downgrade Greece from BBB+ status - the result of two downgrades last year - but that the country would retain its negative outlook. The prospect of further downgrades therefore remains.
FT news article: http://www.ft.com/cms/s/0/96c374ce-30dd-11df-b057-00144feabdc0.html
Guardian comment: http://www.guardian.co.uk/business/2010/mar/16/greece-ratings-standard-poors-doubts
No financial aid package yet..
The Eurogroup failed to announce specific measures on Tuesday to assist Greece and other troubled eurozone economies should the need arise, pushing its deadline to March 25. This was in contrast to a statement the previous day by the Eurogroup president, Jean-Claude Juncker, to the effect that the group had come up with an emergency mechanism that could be activated when needed. Greek Finance Minister Yiorgos Papakonstantinou expressed satisfaction at the prospect of a package, but the Greek government is still worried that its cost of borrowing remains too high compared to the rates of other eurozone members.
Juncker press conference: http://tvnewsroom.consilium.europa.eu/media/render-summary-list/vocabulary_id/tags/term_id/246
Monday Eurogroup comment: http://www.reuters.com/article/idUSTRE62E58620100315