S&P Just Slashed Greece Rating To CCC, Stocks Shoot Into The Red

Now the rally is really over, in part thanks to S&P, which just slashed Greece’s long term credit rating to CCC from B with a negative outlook.

Obviously the market was way ahead of them, but this stuff still never helps the mood.

According to S&P, a restructuring would trigger “1 or more defaults” (via Bloomberg.

So there goes the rally.

S&P now clearly negative.

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