Moody's and The Greek Tragedy: Downgrades Again and Says Default "Almost" Certain

Moody's credit rating agency has just downgraded Greek debt, yet againn - you are not reading the same news from the past - this time by three notches.

It also warned that the eurozone rescue was almost certain to trigger another two-notch cut to default status.
Fitch agency had done the same on Friday.

Moody's Investors Service said that the second rescue announced on Thursday meant that private sector holders of Greek bonds "are now virtually certain to incur credit losses."

This latest rescue for Greece involves initially up to 2014 about 110 billion euros from eurozone governments in various forms and 50 billion euros from banks. Moody's said the effect would be "limited."
"the current uncertainty about the exact market value of the securities creditors will receive in the exchange."

"if and when the debt exchanges occur, Moody's would define this as a default by the Greek government on its public debt."