Financial Times
March 7, 2011
European equity markets nudged higher on Monday, shrugging off the twin impact of higher oil prices and a three-notch downgrade on Greek sovereign debt by Moody’s.
Cutting its rating on Greece’s debt to B1 from Ba1, Moody’s also kept a negative outlook, saying that the country’s plans to reduce its debt burden were “ambitious and subject to further risks”.
The move by Moody’s followed a sharp widening in Greek debt yields over their German equivalents last week in reaction to European Central Bank hawkishness on interest rates. However, Greek yields were only slightly higher on Monday and the country’s equity market was closed for a public holiday.
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