S&P officially downgrades Greece credit rating to ‘selective default’


Alexander Higgins
February 28, 2012

Just hours ahead of the European market opens, S&P has become the first major ratings agency to declare Greece to be in the dreaded state of default.

For months now politicians and bankers have been screwing over the public by jamming spending cuts and massive tax increases up the ass of the people of Greece to avoid a default which analysts have repeatedly warned could lead to widespread debt contagion throughout the world culminating it what has been labeled as nothing short of financial Armageddon.

Despite widespread civil unrest in the form of protests and rioting, in Greece and throughout the entire Eurozone, over the austerity measures being forced into place to prevent sovereign debt default, Greece has entered the much dreaded state of default.

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