The bad news keeps on coming on Greece, this time it comes from the S&P; the rating company downgraded Greece’s long term credit rating from B to triple C.
According to S&P, Greece will need 153 billion euros between now and 2014 just to roll over maturing debt. Without getting a new round of funding, it will put Greece’s economy on a precipice.
The current 10 year government bond yield of Greece rapidly inclined in recent weeks as it’s currently at 16.72% – an increase of 1.22 percent points since the beginning of June and 8.58 percent points since the beginning of the year.
According to ECB President Jean-Claude Trichet, the ECB doesn’t plan to take part in the restructuring of the Greek debt. This news only deepens the Greek problem in paying off its debt.
These news items didn’t struck the financial markets as the Euros to USD is currently traded up.
Current Nymex crude oil price, short term futures (July 2011 delivery) is traded down with a 2.23% decrease, as its at $97.08 per barrel as of 19:06*.
Current gold price, short term futures (July 2011 delivery) is traded at $1,516.3 per t oz. a $12.9 increase or 0.84%, as of 18:58*.
Euros to USD is currently traded up at 1.4424 a 0.5378% increase as of 19:09*.
The USD to Canadian dollar exchange rate is traded down at 0.9767 a 0.3261% decrease as of 19:09*.
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