Friday, March 02, 2012

Greece Downgraded to Lowest Possible Rating

Moody's downgraded Greece to the rating agency's lowest possible rating, as reported here.

Greece is no longer an economic story; it's a political story. Internationally imposed, draconian austerity measures are destroying the country. Masses of people are being pauperized, pushed out of the cities, forced back into the countryside, creating conditions that are ripe for radical instability, revolutionary upheaval and change … and a military coup. A coup is possible. Ironically, democracy is fragile in its birthplace.

POSTSCRIPT: Foreign Confidential™ analysts say flight capital from Greece now totals close to 600 billion euro. The country's national debt is about 345 billion euro.