Monday, April 09, 2012

Greece has defaulted - Dagong

Chinese credit rating agency Dagong has re-rated Greece to "D":

"The Greek government bond exchange action in March 2012 violates the will of the holders of the Greek law governed bonds, and inflicts substantial losses to them. Accordingly, Dagong determines that the Greek government has defaulted."


Emperor's new clothes, and all that.

2 comments:

www.greenworldbvi.com said...

What a bloody awesome name for a ratings agency. The name implies a true finality on their decision - this is our verdict -gong! - and best you not contest it. Then again, if (when) China emerges as the dominant global economy and the RMB equals or surpasses the USD as the main reserve currency, the joke may well be on all of us!
farmland investment

www.greenworldbvi.com said...

By the way, just following up from my comment above, I was wondering if you might be interested in doing a link exchange for either one (or both of) my blogs?

I have two blogs blog about alternative investing. One is called
"The Alternative Investor" - its a www.greenworldbvi.blogspot.com.
The second is called "Farmland Investment" -
www.farmlandinvestment.blogspot.comEmail is info@greenworldbvi.com

Cheers, Josh