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Crisis In Athens Enters New Chapter As Greece Becomes First Developed Nation To Default On Debt
Greece has become the first developed nation to default of its international debt obligations as the International Monetary Fund (IMF) confirmed on Tuesday night that it did not receive the €1.55 billion ($1.73 billion) payment from Athens that was due by the end of June 30, Brussels time. The Crisis in Greece has entered a new chapter … Continue reading
Dow Plunges 350 Points As Possible Greek Default Looms
Originally posted on TIME:
The uncertainty surrounding Greece’s ongoing debt crisis choked global markets on Monday, extending recent losses for the world’s stock exchanges. The Dow Jones Industrial Average closed the day down 350 points, or 2%. The S&P 500 dropped 2.1%, ending the day at 2,058 points. Meanwhile, the tech-heavy Nasdaq composite was hit…
Greece May Be Lowered To Same Status As Botswana Or Zimbabwe MSCI Says
MSCI downgraded Greece to emerging market in November 2013. Now, the country’s stock market is in great danger of losing even that status. Athens’ standoff with the European Union (EU) and the International Monetary Fund (IMF) heads to a dangerous and uncharted new level following a July 5 referendum that was called by Prime Minister Alexis Tsipras on whether … Continue reading
Greece: The Day Is Coming And Someone May Say The Game Is Over
“International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default,” RT reports. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice … Continue reading
S&P Downgrades Greece, Warns Of Default If No Deal With Creditors
Standard & Poor’s has lowered Greece’s sovereign rating one notch further into junk territory, saying the country will likely default within the next 12 months if it doesn’t agree with its creditors over the €7.2 billion installment. S&P downgraded the rating to “CCC” from “CCC+” – a highly speculative rating on S&P’s scale – saying … Continue reading
Brazil ETF Stung Following Petrobras Downgrade
By Todd Shriber, ETF Trends Shares of Petrobras (NYSE: PBR), Brazil’s state-controlled oil company, were off 7% Wednesday on volume that appears likely to eclipse the daily average after Moody’s Investors Service lowered its rating on Latin America’s largest publicly traded oil producer to junk. That is proving to be bad news for the iShares MSCI Brazil … Continue reading
Barclays Cuts Russian Government Bonds From Indices Following Junk Downgrade
Foreign currency debt issued by the Russian government will be cut from British bank Barclays’ global bond indices following Moody’s downgrade it to junk, Reuters reports. Exclusion from an index puts securities off limits for many asset managers and can lead to heavy selling as investors drop the stocks or bonds that have been pushed outside their … Continue reading
Greece ETF Derailed By S&P Downgrade
By Tom Lydon What started as a wild week for the Global X FTSE Greece 20 ETF (NYSEArca: GREK) will end that way as the lone Greece ETF is tumbling by 3.7% after Standard & Poor’s pared its rating on the country’s sovereign debt to B- from B. The ratings agency is keeping the long- and … Continue reading
Russia’s PM Signs Multibillion Dollar Anti-Crisis Plan
Russian Prime Minister Dmitry Medvedev has signed a one-year anti-crisis plan designed to stabilize the economy. The document includes 60 measures and will cost at least $35 billion (2.3 trillion rubles). The final cost hasn’t yet been calculated but the official statement published Wednesday shows that as for now the Government is going to spend … Continue reading
S&P Downgrade ‘Groundlessly Pessimistic’ – Russian Finance Minister
The downgrade of Russia’s credit rating by S&P is unreasonable, as the agency didn’t consider the country’s anti-crisis plan, and the strong economy with its large reserves and extremely low public debt, said Russian Finance Minister Anton Siluanov. Siluanov says he does not think the move will lead to a sharp decline in the share … Continue reading
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