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Friday, April 9, 2010

Greece is in a death spiral

The capital markets are already suspicious that Greece will not be able to close a bond support deal with other euro zone countries and the IMF. Ratings agency Fitch told the Greeks that it needed a transaction with its neighbors to create an air of credibility around the nation’s sovereign debt.

S&P became much more aggressive than Fitch as it told Greece that its status with the credit agency could change.

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