Financial Consequences For The Greek Economy
See also: Greek government-debt crisisAfter the first days of demonstrations and the presentation of the 2009 state budget, that predicted solid economic growth in spite of the 2008 economic crisis, the spread of the Greek 10 year Government bonds had, by 12 December 2008, widened to 230 basis points against the corresponding German Government bonds (Bundesanleihen), a level that represents the highest level for the past nine years and the highest since the country entered the eurozone. This had an immediate effect on the cost of financing for Greece’s government; these costs rose considerably as a higher yield had to be paid on any bonds it sold. In addition, and given the credit crisis prevalent at the time, this curtailed its ability to issue bonds at all since investors were more risk averse than normal.
Additionally, on Wednesday, 17 December 2008, the credit rating agency Moody’s declared it would put Greece’s credit rating, already the lowest in the Eurozone at A1, off positive outlook if political and economic instability continued.
Read more about this topic: 2008 Greek Riots
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