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Greece on downgrade watch as strikes continue after austerity riots

Greece on downgrade watch as strikes continue after austerity riots

Greece on downgrade watch as strikes continue after austerity riots

Published on December 16th, 2010
Published on December 16th, 2010

ATHENS, Greece - Moody's ratings agency on Thursday warned of a possible multi-notch downgrade of Greek bonds, in a new setback for the Socialist government already plagued by escalating strikes and violent protests.

The warning was the second this month, following a similar caution from Standard and Poor's in early December — hurting Greece's hopes of returning to the international bond markets some time next year.

The country only avoided bankruptcy in May due to a €110 billion ($145 billion) rescue loan package, conditional on a painful austerity package that has already seen salary and pension cuts, tax hikes and an increase in retirement ages.

Moody's Investors Service said the government had made "significant progress in implementing a very large fiscal consolidation effort." But it warned that uncertainty remained over its ability to reduce the huge debt, this year's revenue shortfall and the prospects of long-term support if the country stays blocked from international markets.

The agency has already given Greece a Ba1 debt rating, below investment grade.

"A multi-notch downgrade would be possible if (Moody's) concludes that there is an increased risk that Greece's debt-to-GDP ratio will fail to stabilize in the next three to five years, or that there is a greater risk that EU support will turn out to be less strong after 2013" than previously assumed, a Moody's statement said.

The government faced a new round of labour discontent this week, with unions staging their seventh general strike of the year on Wednesday. Tens of thousands of people took to the streets in Athens and other cities to protest the austerity measures, and violent street protests left at least 28 people injured, including 23 policemen and a conservative former minister who was beaten in the street by demonstrators.

Public transport services in Athens were again halted by strikes Thursday. Unions oppose government plans to cut state subsidies by 20 per cent through ticket price increases, wage cuts and involuntary transfers for around 10 per cent of staff.

Transport workers are planning strikes and work stoppages through next week, blaming government mismanagement for mounting debts at state-run transport companies.

Months of austerity measures have led to a surge in unemployment. The Greek Statistical Authority on Thursday said the jobless rate hit a 10-year high, reaching 12.4 per cent in third quarter of the year, or 622,000 people officially out of work.
© Canadian Press

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Greece on downgrade watch as strikes continue after austerity riots

Greece on downgrade watch as strikes continue after austerity riots

Greece on downgrade watch as strikes continue after austerity riots

Published on December 16th, 2010
Published on December 16th, 2010

ATHENS, Greece - Moody's ratings agency on Thursday warned of a possible multi-notch downgrade of Greek bonds, in a new setback for the Socialist government already plagued by escalating strikes and violent protests.

The warning was the second this month, following a similar caution from Standard and Poor's in early December — hurting Greece's hopes of returning to the international bond markets some time next year.

The country only avoided bankruptcy in May due to a €110 billion ($145 billion) rescue loan package, conditional on a painful austerity package that has already seen salary and pension cuts, tax hikes and an increase in retirement ages.

Moody's Investors Service said the government had made "significant progress in implementing a very large fiscal consolidation effort." But it warned that uncertainty remained over its ability to reduce the huge debt, this year's revenue shortfall and the prospects of long-term support if the country stays blocked from international markets.

The agency has already given Greece a Ba1 debt rating, below investment grade.

"A multi-notch downgrade would be possible if (Moody's) concludes that there is an increased risk that Greece's debt-to-GDP ratio will fail to stabilize in the next three to five years, or that there is a greater risk that EU support will turn out to be less strong after 2013" than previously assumed, a Moody's statement said.

The government faced a new round of labour discontent this week, with unions staging their seventh general strike of the year on Wednesday. Tens of thousands of people took to the streets in Athens and other cities to protest the austerity measures, and violent street protests left at least 28 people injured, including 23 policemen and a conservative former minister who was beaten in the street by demonstrators.

Public transport services in Athens were again halted by strikes Thursday. Unions oppose government plans to cut state subsidies by 20 per cent through ticket price increases, wage cuts and involuntary transfers for around 10 per cent of staff.

Transport workers are planning strikes and work stoppages through next week, blaming government mismanagement for mounting debts at state-run transport companies.

Months of austerity measures have led to a surge in unemployment. The Greek Statistical Authority on Thursday said the jobless rate hit a 10-year high, reaching 12.4 per cent in third quarter of the year, or 622,000 people officially out of work.
© Canadian Press

* Number of views : 22
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thejobboard.ca

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Merkado.ca

* Merkado - Classifieds

Merkado.ca

* Radiant Skin Clinic - $100 Gift Certificate
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* Grapes n' Things - $55 Certificate Niagra Wine Kit
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View our current auctions
InMemoriam

* KATHERINE-Bodnarchuk
Katherine Bodnarchuk
o - See the obituary
o - Leave a tribute
o - Create a website
* NETTIE-McCormick
Nettie McCormick
o - See the obituary
o - Leave a tribute
o - Create a website

See all obituaries in The Prince Albert Daily Herald
profile
P.A. Daily Herald
PADailyHerald
PADailyHerald profile

PADailyHerald Special Olympics set to make its way to Prince Albert: http://bit.ly/eTFnna about 1 minute ago · reply
PADailyHerald profile

PADailyHerald Kozun backs Mintos to win over Blackhawks: http://bit.ly/f0JN0x 10 hours ago · reply
PADailyHerald profile

PADailyHerald Saskatchewan child welfare flawed, needs major changes: report: http://bit.ly/fsWias 17 hours ago · reply
PADailyHerald profile

PADailyHerald SPCA disappointed with bylaw decision: http://bit.ly/eqR8YI 18 hours ago · reply
PADailyHerald profile

PADailyHerald Baffinland Iron Mines reviewing increased and revised hostile takeover offer: http://bit.ly/ghWqSD 21 hours ago · reply
PADailyHerald profile

PADailyHerald Saskatchewan village defends dogcatcher after three family pets shot: http://bit.ly/hTHzlr 21 hours ago · reply
PADailyHerald profile

PADailyHerald 'Spider-Man' actress Natalie Mendoza back on stage after suffering a concussion: http://bit.ly/hes7j3 22 hours ago · reply
PADailyHerald profile

PADailyHerald Saskatchewan aboriginals choose not to fight charges of illegal hunting: http://bit.ly/gyF44m 23 hours ago · reply
PADailyHerald profile

PADailyHerald Centre-Four league mourns loss of stats guy: Thunder overpower Blackhawks 11-2 to win fourth straight http://bit.ly/fo9d3L yesterday · reply
PADailyHerald profile

PADailyHerald Well Wishes to a Patient launched at Victoria Hospital: http://bit.ly/ffkaI2 yesterday · reply
Join the conversation

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Sections

* News
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* Citizen Of The Year 2010 Nomination Form
* Christmas Carol Book DOWNLOAD Zipped File
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* Online TV Guide - ZAP2it
* The Flyer Zone
* Subscriptions

About

* Our team
* Contact us
* Site Map
* See our advertisers

Links

* Movie Show Times
* Prince Albert Raiders
* City Of PA
* SPCA
* PA Map
* 2010-2011 Rate Card

Our Network
Saskatchewan :

* Coronach Triangle News
* Grenfell Sun/Broadview Express
* Oxbow Herald
* Radville/Deep South Star
* Sask News Now
* The Moose Jaw Times Herald
* The Prince Albert Daily Herald
* The Southwest Booster

Magazines :

* Canadian Living
* Elle Canada
* Homemakers
* Good Times
* Canadian Gardening
* Canadian Home & Country
* Style at Home
* Western Living
* Ottawa at Home
* Vancouver Magazine
* TV Guide
* The Hockey News
* Mochasofa
* Occasions Magazine
* Golf Ontario Style
* Golf East
* Group Travel Planner
* Acquizition.biz
* Le Bel Âge
* Coup de Pouce
* Decormag
* Elle Quebec
* Jardinage.net
* Finance et Investissement
* Good Times
* Investment Executive
* Les Affaires
* Les Affaires.tv
* Madame
* More
* Constructo
* Maison Max
* Dealstreet
* Seao
* Recettes.qc.ca
* Recipe Feast
* Thn Pool
* Vita Magazine
* Service Vie
* That's The Spirit
* Trucs Maison
* Vanmag
* Vision Durable
* Web Local
* Western Living

Services:

* Merkado
* inMemoriam
* Ici Ma Maison
* Jobboard

List of sites within the network
Digital Transcontinental Information - Newspapers group
Transcontinental Numérique - Groupe Journaux Transcontinental Numérique - Groupe Journaux

Street Address
8770 boul. Langelier
Extended Address
bureau 210 Saint-Léonard
Locality
Montréal
Region
QC
Country
CA
Postal Code
H1P 3C6

Latitude
45° 29' 55" N
Longitude
73° 34' 12" O

Work
+1 514 899 5885

Fax
+1 514 899 5884

* © Copyright 2008 - 2010
* Conditions of Use
* Privacy Policy

Cancel