"...Moody's said that debt levels in the four large credit-worthy economies had reached the point at which they are at risk of being downgraded..."growth alone will not resolve an increasingly complicated debt equation. Preserving debt affordability at levels consistent with AAA ratings will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion." "Anyone who does not think this is possible is clearly looking at different data than I see. As Greece just showed us, governments can and do get into financial distress.
Monday, March 15, 2010
Moody's warns nations to cut spending or risk AAA ratings - washingtonpost.com: