Greece grabbed the headlines back from Goldman Sachs yesterday when its credit rating was cut to below investment grade by Standard & Poor’s. Stock and bond markets took fright at the news, with the contagion spreading fast to other troubled European countries such as Spain and Portugal.
The pace of events surrounding Greece’s financial situation has reached staggering levels for a developed market country. Only last Friday, the Greek government activated a €30 billion lifeline that it was still negotiating with the EU, which was set to grow to €45 billion after a contribution from the IMF.
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