Greece downgraded by Fitch agency after bailout..but wasnt it all fixed???

http://www.bbc.co.uk/news/business-17127554

Greece has been downgraded by the ratings agency Fitch following the approval of its latest bailout deal.

The agency now classes Greek government debt as C, down from a CCC rating.

The downgrade was triggered by the deal between Greece and the banking industry, under which the banks will swap their existing bonds for new debt worth much less.

Fitch says the exchange, if completed, would constitute a “distressed debt exchange”.

Once the bond exchange is completed, Fitch says it will look again at Greek government debt and issue new ratings.

Under the deal announced on Tuesday, banks and other investors in Greek government debt agreed to exchange their debt for new bonds that are worth much less and pay a modest rate of interest.

Including the reduced interest rate, the losses to the banking industry are more than 70%.

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the joke continues..one rung off default..thats a farce to..they have defaulted imo..a 70% loss is  70% loss..if you have a business and they tell there creditors they wont pay 70% of their bills they will be put into receivership..but the US banks who are on the edge of the abyss wont allow a formal default..CDS is in the house..

401

UPDATE: http://www.certifiedassets.com/inv/news/crudes-spike-dow-theory-warning-gold-reversal-the-plunder-of-greece/

“The almost $200 bln bailout they’re receiving is not free money. Should they default under the new agreement worked out this week, their 111 tons of gold goes to the banking cartel creditors as a penalty payment. This is the stuff in the fine print that also prohibits the country from seeking future arbitration in Greece. Such arbitration would take place in Luxembourg under English law which is more favorable to creditors. Greece cannot even do a last ditch jump out of the European Union. It will have to arm the Greek National Bank to the teeth if it really doesn’t want to give up its gold, assuming that the gold is sitting in Greece. This is debt slavery at its finest! Don’t be surprised if at some future time countries like Italy, or France, with their over 2,000 tons each of gold, sell their souls in this manner. Folks, this is why gold is so important.”

~ by seeker401 on February 24, 2012.