LONDON (MarketWatch) -- Standard & Poor's lowered the ratings on Greece to BBB+ from A-, and kept Greece's rating on CreditWatch negative. "The downgrade reflects our opinion that the measures the Greek authorities have recently announced to reduce the high fiscal deficit are unlikely, on their own, to lead to a sustainable reduction in the public debt burden. Moreover, we believe that the government's efforts to reform the public finances face domestic obstacles that would likely require sustained efforts over a number of years to overcome," the agency said. http://www.marketwatch.com/story/sp-lowers-greeces-rating-and-warns-of-more-2009-12-16
The UK and US are also on credit watch and will possibly be downgraded two notches. So what happens when the world's credit rating drops and everyone defaults? I guess that would be time to hit the reset button?
US will never be downgraded, the CIA can take out the CEO of S&P if they pose a national security threat
this news probably 10 years ago would have sunk the markets 3%, today its totally ignored. It can only go on for so long until it finally collapses.
the rating agencies only serve the purpose of putting in distress external countries, so they borrow from the IMF, paying hefty interests and end up selling out their own most precious resources to the US and friends for a fraction of their real value.
10 years ago ratings agencies had some credibility. Now they have been exposed as incompetent. That is why nobody cares what they have to say.