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Greek economic crisis

Greece's debt crisis is having an adverse impact on global financial markets. Standard and Poor's rating agency has downgraded Greek government debt to "junk" status. As a result of the high-risk associated with Greek government debt the government bond yield is at 23 percent. The more risky an asset class the higher return is expected by investors to make up for the risk.

In the case of the Greek government there is a high risk of default and accordingly investors are now requiring a 23 percent return in order to hold such debt. The government suffers even more as cost of borrowing rises with the interest rate, thus causing a downward spiral in the stability of the government.

This Greek tragedy is adversely affecting the trading of the EURO as well as global financial markets. European and world markets, with the exception of North America, were down on worries of further deteriorating Greek economic climate.

Greek economic crisis

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