Beware Of Greeks Bearing Debt

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By Douglas A. McIntyre Updated Published
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Just as it appeared that Greece could not be downgraded any further, Fitch warned that it may take down the debt of the nearly dead sovereign paper another notch.

“Fitch Ratings has today placed Greece’s ‘BBB-‘ Long term foreign and local currency Issuer Default Ratings (IDR) on Rating Watch Negative (RWN) pending the outcome of a rating review which is now in progress.

A RWN indicates that there is a heightened chance that Greece’s sovereign ratings will be downgraded.

The review, which is expected to be completed during January 2011, will focus on an assessment of Greece’s fiscal sustainability in the wake of the measures that the authorities have taken this year under the IMF-EU bailout.  It will also focus on the outlook for the Greek economy and the political will of Greece to carry the measures required by the IMF and EU.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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