http://www.cnbc.com/id/43381710
Greece's Debt Rating Slashed, Making It World's Lowest Published: Monday, 13 Jun 2011 By: Reuters Standard & Poor's downgraded Greece's credit rating by three notches Monday, making it the world's lowest after the agency said a likely debt restructuring would be considered a default. A restructuring of Greece's debt — either with a bond swap or by extending maturities on existing bonds — looks increasingly likely to be imposed by European policymakers as a means of sharing the burden of Greece's crisis with the private sector, S&P said in a statement. "In our view, any such transactions would likely be on terms less favorable than the debt being refinanced, which we, in turn, would view as a de facto default according to Standard & Poor's published criteria," the agency said. In such a case, S&P added, Greece's credit rating would be lowered to "selective default," or SD, while the ratings on the country's debt instruments would be cut to D. <more> Information we have seen here indicates that Defkalion has connections to the Greek government and has purchased a factory in Xanthi Prefecture. But, the world must wait for the megawatt power plant in October. Can Greece afford to wait to October? If the government is truly aware of what Defkalion really has New Fire and exclusive rights in Eastern Hemisphere, would not they be expediting the production of shippable product? I would think that once the products start rolling off the production line, all talk of a financial default would cease. Anyone would be willing to buy a stake in Greece's future. I know I would buy their bonds! T
