Moody’s has cut Greece’s rating, warning that a planned debt swap would constitute a default. The rating was cut another three notches from Caa1 to Ca – just two more notches shy of a default rating.
“The announced EU programme… implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100%,” the agency said.
The debt swap would increase Greece’s borrowing terms by up to 30 years.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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