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Greece dropped to junk - serious wobble time for the Euro

Geoff Riley

27th April 2010

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Tuesday afternoon and breaking news of a serious downgrade for the Greek economy.The ratings agency Standard & Poor’s has cut Greek’s credit rating three levels to BB+, or junk. Two year bond interest rates are 16% and rising. I am sure this will be huge news in the financial papers in the morning. This BBC news video looks at some of the opposition to the spending cuts the Greek government will be required to make as part of the international financial rescue package.

This BBC news report has a neat six page graphic helping to explain what went wrong with Greece in the eight years since the Euro was introduced into the Greek economy.

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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