Breaking: S&P Downgrades Greece to Junk Status

[Festina Lente]

:o

By JOHN KELL

Standard & Poor's Ratings Agency said Tuesday it cut Greece's ratings to junk status, saying the country's policy options are narrowing as it tries to cut its large budget deficit.

The ratings agency lowered the long-term sovereign credit rating on Greece to double-B-plus from triple-B-plus with a negative outlook.

http://online.wsj.com/article/SB10001424052748704471204575210063379043320.html?m od=WSJ_Commodities_RIGHTMoreInMarkets

Edit: I guess you need a subscription for the WSJ. From MSNBC (AP):

http://www.msnbc.msn.com/id/36803327/ns/business-world_business/

[uranian]

greek stock market down (http://www.ft.com/cms/s/0/2e57a97a-51bf-11df-a2a2-00144feab49a.html) 6% for the day.

gold in euros:

http://goldprice.org/charts/gold_3d_b_o_EUR.png

previous high was €865, that's quite a breakout.

portugal's credit rating was just cut, italy almost just had a failed bond auction, and a greek banking site is denying rumours of bankruptcies. starting to get interesting again.

and sterling is sucking too, record highs today:

http://goldprice.org/charts/gold_3d_b_o_GBP.png