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
Famous quotes containing the words financial, consequences, greek and/or economy:
“In full view of his television audience, he preached a new religion—or a new form of Christianity—based on faith in financial miracles and in a Heaven here on earth with a water slide and luxury hotels. It was a religion of celebrity and showmanship and fun, which made a mockery of all puritanical standards and all canons of good taste. Its standard was excess, and its doctrines were tolerance and freedom from accountability.”
—New Yorker (April 23, 1990)
“The medium is the message. This is merely to say that the personal and social consequences of any medium—that is, of any extension of ourselves—result from the new scale that is introduced into our affairs by each extension of ourselves, or by any new technology.”
—Marshall McLuhan (1911–1980)
“Lucretius
Sings his great theory of natural origins and of wise conduct; Plato
smiling carves dreams, bright cells
Of incorruptible wax to hive the Greek honey.”
—Robinson Jeffers (1887–1962)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)