Greece cut to Junk (BB+) by S&P as well.
I believe this should provide some comfort. From European Central Bank Vice President Lucas Papademos:
The actions to be taken after the program’s conclusion will convince markets about the credibility of the fiscal adjustments and will contain potential contagion effects in the euro area.
I feel safer already. The contagion we are seeing now will be prevented, in the future. Time travel is awesome.
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