Greek default virtually 100 per cent

Moody's downgraded Greece's bond ratings by a further three notches Monday and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package.The agency said the new EU package of measures implies "substantial" losses for private creditors. As a result, it cut its rating on Greece by three notches to Ca -- one above what it considers a default rating. It also put eight Greek banks on review for a possible downgrade.Though Moody's said a Greek debt default is "virtually certain," it noted that the new measures will increase the likelihood that Greece will be able to stabilize and eventually reduce its overall debt burden.It also said the package also benefits other eurozone countries by "containing the near-term contagion risk that...

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George Osborne claimed the UK would be kept out of the latest Brussels deal to prop up the struggling Mediterranean country.

Taxpayers will have to fork out more than £1billion in a second Greek bailout – at the same time as losing millions in loan interest repayments from Ireland.George Osborne claimed the UK would be kept out of the latest Brussels deal to prop up the struggling Mediterranean country.But because of the UK’s multi-billion pound stake in the International Monetary Fund, the Government cannot escape contributing to the £96billion agreement.The UK holds a 4.5% stake in the IMF, which is expected to make up around 30% of the bail-out to Greek PM George Papandreou’s debt-laden nation. The other 70% will come from countries in the Eurozone, led by Germany under Angela Merkel.The agreement, thrashed out by EU leaders on Thursday, is the second time in a year British taxpayers have had to contribute £1billion...

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Alleged Norwegian spree killer has EDL links

The rightwinger allegedly responsible for the Mumbai-style massacre and bombing in Norway appears to have ties with UK-based “counter-jihad movement” the English Defence League.In online rants, alleged murderer Anders Behring Breivik describes himself as a rightwing conservative opposed to “Eurabia”, the “Islamisation of Europe” and the erosion of Christian values.In a post on Norwegian website document.no he describes his admiration for the English Defence League, his contacts with the group and aspiration to set up a Norwegian sister organisation:Quote:I strongly doubt that your theory is correct. The whole conflict between GDP and EDL started...

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