Earlier this week, Standard & Poor’s downgraded the credit of nine European countries. In Greece, the government and private creditors continue to meet to renegotiate the debt there. On today’s first Backstory, Stuart Kirk, the head of the Lex column in The Financial Times, discusses this week’s negotiations, why many in Europe are now bracing for a Greek default, and how Europe is trying to cope with its continuing debt crisis in the new year.
Guests:
Stuart Kirk
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Comments [4]
Why does anybody give S&P credibility anywhere? They are teh ones who gave triple A ratings to ailing institutions and questionable investments! There's a show subject!
Do we really need to use the term "haircut"???
It gives a bad name to an otherwise pleasant experience.
Western standards of living have to retreat in the face of rising Asia. That's all there is to it.
When S&P downgraded several countries last week didn't they actually say in their statement that austerity strategy currently being used would stifle growth and so perpetuate the debt crisis?
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