Excerpt from: European Markets
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| December 09, 2009 | | Greece told to get its finances under control | The European Central Bank has warned Greece that it needs to get its finances under control, or its bonds will be disqualified as collateral for borrowing. The country has one year to get its finances in order.
This warning comes after Fitch cut Greece's credit rating to BBB+, marking the first time in a decade that Greece has slipped below something involving an A. (Yesterday, Moody's warned that the U.S. and Britain could test the boundaries of their Aaa credit ratings.)
Even with the financial crisis loosening the requirements for the ECB, Greece appears in danger. It will be interesting to see whether any euro zone countries end up being excluded from ECB funding as a result of their credit ratings.
| Topic Tags: ECB, euro zone, finances, Greece credit rating, money, sovereign credit rating | |
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