Mises Daily
Author:
Frank Shostak
Online Publish Date:
“Bailing out Greece is not going to reduce the threat of another economic crisis.” On April 27 the Standard & Poor’s rating agency downgraded the Greek government’s debt to junk status. Greece has been graded BB+ by the S&P, official “junk” territory. It is now on a par with Azerbaijan, Colombia, Panama, and Romania. The cost of Greek borrowing on