Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/15/2011 (3 years ago)

Catholic Online (www.catholic.org)

'Greece will default -- it's a question of when, rather than if,' expert says

The nation of Greece has been accused of throwing the European Common Market into chaos due to its poor fiscal practices. Greece has since been branded with the world's lowest credit rating by Standard & Poor. S & P said the nation is "increasingly likely" to face a debt restructuring and the first sovereign default in the euro area's history.

'Greece will default -- it's a question of when, rather than if,' Vincent Truglia, Managing Director at New York-based Granite Springs Asset Management LLP said.

"Greece will default -- it's a question of when, rather than if," Vincent Truglia, Managing Director at New York-based Granite Springs Asset Management LLP said.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/15/2011 (3 years ago)

Published in Europe

Keywords: Greece, European Market, Standard & Poor, illiquidity, default


LOS ANGELES, CA (Catholic Online) - Greece's previous rating of B to CCC from B reflects "our view that there is a significantly higher likelihood of one or more defaults," S&P said in a statement. "Risks for the implementation of Greece's EU/IMF borrowing program are rising, given Greece's increased financing needs and ongoing internal political disagreements surrounding the policy conditions required."

Greece's government, which plans to sell $1.8 billion worth of 26-week Treasury bills, said that the downgrade overlooked "intense" talks between European officials to address the nation's financing needs.

"Greece will default -- it's a question of when, rather than if," Vincent Truglia, Managing Director at New York-based Granite Springs Asset Management LLP said. Truglia is the former head of the sovereign risk unit at Moody's. "It's a basic solvency issue rather than a liquidity issue. Only a debt write-down will do."

The yield difference, or spread, between 10-year German bunds and Greek securities of a similar maturity was at 1,402 basis points yesterday, close to a record.

No other sovereign nation has ever been graded as low as CCC by S&P, a spokesman said by e-mail. Moody's cut its rating on Greece to Caa1 on June 1, leaving only Ecuador as a worse sovereign risk.

"The ratings agencies are now playing catch-up with the market," Gianluca Salford, a fixed-income strategist at JP Morgan in London said. "The market is pricing in a very high probability that there will be a credit event around Greece. The agencies are just catching up to the negativity that's already priced in by the market, not the other way around."

The downgrade comes as the European Central Bank and Germany battle over how to bail out Greece again and whether officials should push creditors to share some of the costs. ECB President Jean-Claude Trichet said yesterday that his advice to European governments is to "avoid what would be a compulsory concept" and "avoid whatever would trigger" a default.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Europe

Meriam Ibraham is Free! The Living God Has Heard the Cry of His People! Jesus Christ is Lord! Watch

Image of Meriam receives the blessing and the gratitude of the successor of Peter, Francis.- What should be front and center in every Christian news report on this remarkable story is that God intervened on behalf of Meriam and her family. The God whom we profess is real and His power is greater than any regime or any form of opposition. Yes, He used men and women, and even government leaders, to accomplish His deliverance. He often does. But it was His Love and Mercy which broke the shackles of evil. He deserves all the praise.

By Deacon Keith A Fournier

The photo of Pope Francis blessing Meriam Ibrahim and her little daughter Maya in the Casa Santa Marta on Thursday, July 24, 2014, reciving a blessing from a smiling Pope Francis, made millions of hearts leap for joy. The God of love answers the prayers of His ... continue reading


'A negative act necessarily must be condemned:' Vatican revising law on abuse penalties Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

In regards to canonical law regarding acts of sexual misconduct, according to law ended up being too vague, Bishop Juan Ignacio Arrieta says, church sanctions were being applied so haphazardly that the church appeared to be divided. In response, the Vatican is ... continue reading


VILE: Somali girl smuggled into United Kingdom for organ harvesting Watch

Image of In perhaps the most horrific recent case, law enforcement learned that a Somali girl had been brought to England for the express purpose of harvesting her organs for transplant.

By Catholic Online (NEWS CONSORTIUM)

There has been a noticeable uptick of cases of human trafficking in the United Kingdom. In perhaps the most horrific recent case, law enforcement learned that a Somali girl had been brought to England for the express purpose of harvesting her organs for ... continue reading


HORRIFIC ABUSE: 18-year-old girl coerced into group sex while being recorded on cell phone Watch

Image of The incident is being called an example of

By Catholic Online (NEWS CONSORTIUM)

An 18-year-old girl performed explicit sex acts on 24 men on a dance floor with the promise of a holiday - which never arrived. Presented with a mixed drink for her acts of indecency, the sordid episode was recorded on a cell phone camera - for the world to ... continue reading


Female genital mutilation threatens young females in England, Wales Watch

Image of The Department of Health has ordered hospitals to report signs of genital mutilation. The first statistics aren't due until September.

By Catholic Online (NEWS CONSORTIUM)

Far away from Africa and parts of Asia, girls and young women are still at risk for female genital mutilation, or FGM within the United Kingdom. The barbaric practice, FGM, is still carried out among various immigrant females in both Great Britain and Wales. ... continue reading


Putin vs. the World: One plane crash may spell the end for Russian president's ambitious plan of conquest Watch

Image of Russian backed separatists stand around wreckage from the downed Malaysian Airlines plane.

By Catholic Online (NEWS CONSORTIUM)

World opinion continues to oppose Russian President Vladimir Putin, with the destruction of Malaysian Airlines Flight 17 over Ukraine being the most notable and recent example of Russian interference in Ukraine. LOS ANGELES, CA (Catholic Online) - Time and evidence ... continue reading


Prophetic Pope Does It Again: Words to an Economic Conference Make Waves Watch

Image of Pope Francis is absolutely correct. It is not

By Deacon Keith A Fournier

On July 12, 2014, this prophetic Pope made waves again. He addressed participants in an international conference entitled - The Global Common Good: Towards A More Inclusive Economy. The conference was convened in Rome and sponsored by the Pontifical Council for ... continue reading


Sting nabs 600 pedos across UK, Scotland, Northen Ireland Watch

Image of Heightened awareness of child sexual abuse in the United Kingdom came in the wake of shocking revelations of predatory sexual behavior by late TV host Jimmy Savile.

By Catholic Online (NEWS CONSORTIUM)

An Internet sting operation targeting pedophiles has led to the arrest of 660 individuals in the United Kingdom. Among those arrested were teachers, doctors, scout leaders, social care workers and former police officers. The six-month investigation was ... continue reading


MYSTERIOUS BISHOP: Father of British science to be honored Watch

Image of Bishop Robert Grosseteste was one of England's foremost scientific scholars, back in the 13th century.

By Catholic Online (NEWS CONSORTIUM)

A theologian from Bishop Grosseteste University in the city of Lincoln has called for the erection of a statue of Bishop Robert Grosseteste, the medieval thinker, in his home city of Lincoln. LOS ANGELES, CA (Catholic Online) - Dr. Jack Cunningham said that a ... continue reading


Faithful at Istanbul church rattled after Muslim attack Watch

Image of The attacks reopened psychological wounds in light of fatal attacks on Catholics and other Christians in Turkey. Members of the Christian minority here fear that things will only get worse.

By Catholic Online (NEWS CONSORTIUM)

The faithful at Saint Stephanos Church in Istanbul, Turkey are feeling rattled after an attack was carried out there by Muslims. Attackers verbally assaulted and threatened them during a baptismal service. Muslims have also destroyed church property in the last ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Sirach 44:1, 10-15
1 Next let us praise illustrious men, our ancestors ... Read More

Psalm, Psalms 132:11, 13-14, 17-18
11 Yahweh has sworn to David, and will always remain ... Read More

Gospel, Matthew 13:16-17
16 'But blessed are your eyes because they see, your ... Read More

Saint of the Day

Saint of the Day for July 26th, 2014 Image

Sts. Joachim and Anne
July 26: By tradition Joachim and Anne are considered to be the names of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter