by: John Galt
August 7, 2012
Or it could be actually worse than anyone, as usual, wishes that poop can be turned into gold well, still smells like and looks like poop. S&P has acted and for anyone who thinks that the Greek situation is “under control” or that the nation has been saved. Because it is game over soon.
From Reuters & S&P:
– Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program (EU/IMF Program).
– We consider the Greek government will find it difficult to make further cuts to meet the conditions to secure the next disbursement of the next tranche of funding from the EU/IMF Program.
– We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program.