While the world is focused on the Middle East, the bankrupt countries of Europe continue to deteriorate. The extend and pretend games that are being played across the globe are nothing but a farce. The goal was to pray for a worldwide recovery that would miraculously spin trillions of bad debt into gold. Not happening. The world is descending into chaos, oil prices are skyrocketing, food prices are soaring, the poor are starving, and revolution is in the air. Faith in the world economic system is collapsing. What is happening in Europe and the Middle East is just a prelude to what will happen in the U.S.
Moody’s Investors Service cut Greece’s sovereign-debt rating Monday by three notches to B1 … The ratings agency, which also assigned a negative outlook to Greece’s ratings, highlighted the government’s difficulties with revenue collection and noted a risk that Athens might not meet the criteria for continued support from the International Monetary Fund and the European Union after 2013.
That could result in a voluntary restructuring of existing debt, the ratings agency said.