Greece has said it expects to get approval from eurozone finance ministers on Monday to begin a debt swap with the private holders of its government bonds. That is an essential step in securing a 130 billion euro EU/International Monetary Fund bail-out and avoiding bankruptcy.
But the financial markets remain sceptical as the timetable has slipped repeatedly.
Financial analyst Vangelis Agapitos said even then worries continue on how the Greek government can follow through on its promises: “I think an uncontrolled bankruptcy will be up to Greece and the Greek government to avert. I think the story does not end with voting. The story ends with implementing. Europe is having difficulty to realise how the Greek state or the Greek government or the Greek political parties continue to play this game, even as the situation has got worse and worse.”
Because of the debt problems of Greece, and other eurozone countries, rating agency Moody’s is threatening to cut the credit ratings of scores of banks and securities firms. The majority of those are in Europe with Italy and Spain heading the list.
Moody’s said it may cut the credit ratings of 17 global and 114 European financial institutions reflecting the greater risk that various governments may not be able to pay back their debts which would leave those banks seriously out of pocket.
It is looking at cutting the long-term credit rating of UBS, Credit Suisse and Morgan Stanley by as much as three notches following the review. It said the guidance was indicative.
Among the banks that might be downgraded by two notches are Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC Holdings, and Goldman Sachs. Bank of America and Nomura were included in those that might be downgraded by one notch.
Copyright © 2014 euronewsMore about:
- 1Hungary’s healthfood king takes his sugarfree, low carb company public
- 2Air France strike is latest turbulence among Europe’s airlines
- 3GM’s Opel cuts Russian production on slumping sales
- 4Microsoft looks to Minecraft for Windows phone boost
- 5Ripple effect of Scotland’s independence vote on Mideast markets
- 1Podemos: Spanish indignation in Brussels’ corridors of power | euronews, reporter
- 2Israel announces it will seize 400 acres in West Bank | euronews, world news
- 3Watch: Angry mob throw Ukraine MP into rubbish bin | euronews, world news
- 4Japan sounds bluefin warning, calls for 50% catch cut | euronews, world news
- 5Hoverbike on the horizon | euronews, hi-tech
- 6Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 7China executes eight Muslims convicted of terrorism | euronews, world news
- 8New car offers freedom for disabled drivers | euronews, hi-tech
- 93D printing: a driving force in design and engineering | euronews, hi-tech
- 10Rise of the machines | euronews, futuris
- 11Ukraine accuses Russian aid convoy of stealing factory equipment | euronews, world news
- 12Young Yazidi girl escapes Islamic State kidnappers | euronews, world news
- 13Ukraine: Donetsk rebel weapons factory blows up | euronews, world news
- 14EU leaders name Donald Tusk European Council president | euronews, world news
- 15The business benefits of EU chemical regulation | euronews, business planet
- 16#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians | euronews, world news
- 17#Indyref Live: Scotland votes on independence from UK | euronews, world news
- 18Canada sends hilarious barb to Russia over Ukraine ‘incursions’ | euronews, world news
- 19Official ‘executed by flame-thrower’ over links to Kim Jong-un’s purged uncle | euronews, world news
- 20Thousands of Catalans call for choice on split from Spain | euronews, world news
Wires > Business
- 20:11 CET Jimmy Choo IPO announcement imminent – source
- 20:00 CET Air France strike crisis deepens as both sides dig in
- 19:56 CET Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market…
- 19:31 CET Boeing executive says will only hike jet output if sustainable
- 19:18 CET Deaths linked to GM ignition-switch defect rise to 21
- 19:17 CET Deaths linked to GM ignition-switch defect rise to 21
- 19:08 CET Alibaba IPO ranks as world’s biggest after additional shares sold
- 19:04 CET Valls tells Germans France isn’t EU’s ‘sick child’