United Press International
July 26, 2011
Economists seem not so surprised Moody’s Investor’s Service downgraded Greek bonds just after Greece was allotted a second international bailout.
Moody’s was saying, essentially, “We are not fooled by all the bells and whistles,” proclaiming Greek bonds were in trouble as the service rated the country’s debt “Ca,” just above default. Meanwhile, economic leaders are scratching their heads. What could they have done that was so wrong? They worked through endless, tiresome and late meetings to put together the best package they could for Greece. Their reward was a kick in the seat of the pants.
Greek President George Papandreou looked visibly disturbed in a news photo after the downgrade — as if someone had pulled the rug out from under him. He worked hard for that kick in the pants.