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When opposition leader Geórgios Papandr??©ou assumed the office of Prime Minister in October 2009, he revealed that the deficit was much greater than expected—four times greater than the EU cap, Einaudi said. Soon after this announcement, rating agencies—on edge as a result of the recession—began downgrading Greek’s credit rating. Currently, Greek credit is trading at junk level: the lowest credit rating possible...

Author: By Nitish Lakhanpal, CONTRIBUTING WRITER | Title: Bailout of Greece is Likely, Professors Say | 4/30/2010 | See Source »

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