As of a few days ago, the Wall Street Journal announced that S&P has recently downgraded the rating of a Greek bond from single-B to double-B minus.
Former European Central Bank Vice President Lucas Papademos, who also used to lead Greece's central bank, gives his advice as to Greece needs to know in order to address their debt crisis.
According to Papademos, Greece needs to announce a convincing medium-term fiscal consolidation program that would be more credible in the eyes of the market as well as the Greek public. This program will have to include "haircut" losses to investors of Greek businesses, but overall debt restructure should be avoided.
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