Ratings agencies could wreck Greek rescue by declaring it a default

• Markets braced for renewed turmoil amid doubts over bailout 

• Europe's insurers could be liable for €15bn of losses

the Observer, 1 July, 2011

Financial markets are braced for renewed turmoil this week amid growing doubts about the complex rescue plan for the debt-burdened Greek economy ,,,, analysts say it is likely that ratings agencies could still brand the plan a default. That would trigger chaos in world markets, as investors were forced to slash the value of their Greek debts - and could also lead to Portugal and Ireland, the other bailed-out eurozone states, having their debts downgraded.


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