Moody's declared insolvent Greece

Moody's declared insolvent Greece

Athens : Greece | Mar 10, 2012 at 3:21 PM PST
Views: Pending
Occupy Greece - Police Clash With Protesters

On 10.3, AFP led the company's statement credit rating leading Moody's said that Greece fell into bankruptcy, despite the country recently received new support. Earlier, the Greek Ministry of Finance announced the private creditors, accounting for 83.5% of the debt, agreed to reduce 107 billion euros. Creditors will receive a new bond debt with a lower value and long repayment period. The International Monetary Fund also announced plans to support 28 billion euros for Greece, part of a bailout package Monday for the country.

Meanwhile, Moody's confirmed the reduced value and long repayment period be considered insolvent. The company also cut the level of confidence for Greece is the lowest level "C" and the country was seen as no longer "weight" on the charts. Until now, Greece and the EU has not given reaction of Moody's decision.

1 of 19
Greece needs more than 20 billion euros  by May to avoid defaulting on old debts
Greece needs more than 20 billion euros by May to avoid defaulting on old debts
Le Thi Bich Lan is based in Vũng Tàu, Đông Nam Bộ, Vietnam, and is a Reporter on Allvoices.
Report Credibility
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear

News Stories

  • Greece's debt burden could be close to bailout

    Reuters Greece hopes to get 1 billion euros in financing from the European Investment Bank this year as a stimulus for its ailing economy. Whilst Greece's successful debt restructuring paves the way for a second international aid package for the...
  • Eurozone FM's release 35 billion euro for Greece

      The Economic Times
    Euro zone finance ministers have released 35 billion euro from the second bailout package for debt-ridden Greece shortly after the government in Athens reached a landmark deal with private creditors on a bond swap, which will halve its debts to...
  • Is the debt swap all Greek? Here�s what it means

      Daily News & Analysis
    Greece has effectively reduced its debt by 100 billion (Rs6.6 lakh crore) and has secured 130 billion of bailout funds from the European Union (EU). It has achieved the debt reduction and secured the bailout funds by swapping existing debt of 206...
  • Elections next for Greece after debt deal

    Finance Minister Evangelos Venizelos reportedly is moving to lead the Socialist Party in Greece's national elections...There is now more than just recession, budget cuts and tax increases. There's the hope to turn the wheel of growth, Venizelos told...
  • Greece success in bond deal but not in solving debts

      Daily News & Analysis
    European leaders claimed victory after Greece successfully completed a 206 billion (£172.3 billion) bond swap, even though it triggered the default they were desperate to avoid...The credit default swap (CDS) market is opaque but analysts estimate...
  • Insurers set to pay out billions as Greece defaults on its debt

    Greece yesterday became the first developed country to default on its debts in six decades. In a test case for markets, the New York-based International Swaps and Derivatives Association, ruled there had been a 3bn default. This means there will be a...





More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports

Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.