The Greece seemed to approach Wednesday to an agreement with Europe and the IMF for a new financial assistance, which would allow it to avoid termination of payment.
But the announcement a few hours later by Moody's new lowering of the memorandum of the Greek debt came remember add to fears already very heavy on Athens.
Finding likely a restructuring of the country's sovereign debt, Moody's lowered three Crans note of Greek debt, the pushing even further in the speculative category. The rating agency brought down the note to Caa1 from B1 previously. The prospect of the new note is negative, sign that another lowering is likely in the short or medium term.
"The first reason for lowering of today, is that it is more likely that the Greece fails in its efforts to stabilize its debt ratios in the framework set out in the latest budget projects dated," Moody's explained in the press release accompanying the announcement.
Moody's also invoked the hypothesis it more in more likely to see the European Union, the European Central Bank and international monetary fund demand to some extent, participation of the private sector in restructuring in return for their financial support.
"Put end to end, these risks imply a probability of failure of at least 50 ", still view Moody's.
Sources close to the European discussions between representatives of the Greece, the international monetary fund, the Commission and the Central Bank, it had previously said that the latest estimate of the Greek fiscal position could be completed by Friday.
A Greek official said optimistic to see the "troika" authorise payment a new tranche of EUR 12 billion, levied according to the agreed programme of financial assistance of EUR 110 billion a year ago with the IMF and the EU European.
"There is way to approve the payment of the fifth tranche." "The negotiations with the troika will be concluded today (Wednesday) or tomorrow, or the later Friday", said the head under the seal of anonymity.
The German Ministry of finance had as he allayed the concerns of those who feared to see the IMF feet to pay its share of the aid and let Europe make up the difference.
"Everyone seems to gradually join a consensus which will probably include a combination of extra assistance, increased austerity and involvement of the private sector," commented Gilles Moec, Economist at Deutsche Bank.
TOWARDS A PRIVATIZATION AGENCY
The German Government said to expect that the discussions are completed by the end of the week or early next week.
Moving dispatched in Greece.
A new assistance plan, valued at some 65 billion euros, is also discussed in response to the needs of the Greece until 2014.
According to the German edition of the Financial Times, the central banks of the euro area are ready to soften their position on the maturity of Greek debt, provided that investors do voluntarily the same.
The Handelsblatt reported his side that the discussions are also about to lead to the formation of an independent government privatization agency.
The German financial newspaper, which CITES its sources, adds il has not been decided if the IMF, the EU or the ECB would be involved in the operation of this new institution.
The Greece provides in addition to merge or close 75 public institutions currently receiving grants per year EUR 2.7 billion, announced Deputy Prime Minister Theodoros Pangalos.
The risk of contagion of the Greek crisis in the eurozone remains on the other hand this in minds.
On Wednesday, an award of 850 million euros of Portuguese debt to four months was marked by a strong increase of the rate of return, 4,967, or 30 basis points more than for an award of good three months carried out in May.