Baroin told the French parliament that Britain is becoming “marginalized” in Europe.
The “B” rating is only a few notches above the current CCC grade on Greece and it still considered “junk” or non-investment grade.
Clashes between rival groups of protesters broke out in front of the Greek parliament on Thursday, interrupting a rally by tens of thousands against a tough new package of austerity measures due to be approved later in the evening.
Greece is not able to pay back its current debts even over the course of generations, according to Andreas Schmitz, president of BdB, a German bank lobbying group.
Gold prices slipped modestly Wednesday after posting small overnight gains as investors sought a safe-haven for their money, traders picked up bargains and Asian buyers purchased coins, bars and jewelry.
Stocks were mixed in volatile trading on Monday as Eurozone officials played down reports of plans to slash Greece's debts and recapitalize European banks to cope with the fallout and after a decline in U.S. home sales.
The European Commission has criticized international credit ratings agencies in the wake of the decision by Moody’s Investors Service to downgrade Portugal’s debt to “junk” status.
Fitch Ratings agency has warned any voluntary rollover by commercial lenders of Greece’s debt would be regarded as a “default,” putting even more pressure on Euro Zone ministers and Greek Prime Minister George Papandreou, who is facing a crucial vote of confidence.
Jean-Claude Juncker, head of eurozone finance ministers, on Saturday cautioned that the debt crisis of Greece and other countries in the region could hit Italy and Belgium.
The President of France Nicolas Sarkozy said he has pledged to resolve the Greek debt crisis and that a solution needed to be found quickly, by July at the latest; and that he and German Chancellor Angela Merkel are united in their resolve.
Gold futures advanced on Friday as deepening concern over Greece debt default spurred demand for the metal as a safe haven investment.
Greek Prime Minister George Papandreou efforts to impose more austerity measures on his already-beleaguered nation struck a roadblock when key government figures said they would not back any further spending cuts or tax hikes.
Amidst growing fears that cash-strapped Greece will likely default on its huge debt, one major foreign voice has declared that Athens may have no choice other than to restructure its debt.
The Greek budget deficit narrowed more than targeted last year, mainly led by a drop in government spending.
The Greek economy shrank more than initially estimated in the third quarter, the Hellenic Statistical Authority said on Thursday.
In the following interview of IBTimes with Jonathan Rose, President and CEO of Capital Gold Group, he talks about the recent cool down of the gold price, the impact of the non-results of the G-20 summit, the different mentality of investors in the U.S. and Britain regarding gold, and says that the Federal Reserve and gold ETFs should be properly audited.
The Greek government submitted a revised 2011 budget to the Parliament on Thursday, pledging to prune deficit to 7.4 percent of the gross domestic product (GDP), ensuring substantial bailout fund will flow without hiccups from the IMF and the ECB.However, desperate measures to squeeze through the tough austerity net might still not keep the threat of an eventual debt restructuring out of the door, analysts have said.
