Default risk in the Euro zone is rising. Rating agencies are regularly behind the curve, the implication being that the default risk is greater than the current debt rating. Credit ratings of other Euro zone countries will be downgraded over the next few months - setting the table for a buffet of defaults in 2012/2013.
Moody's downgrade tips Greece closer to brink
"Moody's Investors Service downgraded Greek debt to B1 from Ba1 - lower than Egypt - and said it may cut further."
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