Greece`s debt issues are becoming a global “black hole”. In Greece although rating agencies reacted remarkably quickly since the appearance of the first signals of the financial crisis, correcting the rating grades in a negative understanding the question that still remains open is how they took into account recent developments. They did not use the same strategy during the Asian crisis in 1997. In that case, the lack of well-drawn warnings, such as development budget deficit worrying reach of a threshold of foreign debt, slow capital formation were common. These allowed maintaining high ratings of those economies, which has likened the present starter crisis. In addition, has proved over the years states of "friendly market", whose good faith to international creditors cannot be put in doubt in Greece (The economist, 2010, Pg. 1).

The size of the external percentage in terms of GDP regarding Greece has grown significantly. In Greece, it has exceeded 160% in last year, and this situation government must find solutions even calling for new privatization. Considerably, the size of the debt is not as worrying as it has been said because Greece is a nation with external debt even higher. Also in the case of Greece, the fear of a possible imbalance in the euro area is needed to be added and the main argument constitutes on the economy size (The economist, 2010, Pg. 2).

Internationally, Greece is facing slow controllable revenue of the state budget, opacity of bank accounting system, and inflation. This raises questions in the international trade market and exchange. However, that rate of inflation does not necessarily entail escalation of country risk; trade openness of emerging market enhances the inflation and the decrease of it is not synonymous with growth. Essential in country risk analysis, is the total external debt, obtained by totaling public debt and private operators' debt, one of the key element in calculating risk. For Greece, there are two main issues to be analyzed. First the tendency toward long-term debt and second the counterparty borrowing - development. Debts from countries like China and Japan are high. In any case, supervising public debt and private borrowers in an effective way it leads to a considerable control of risk (The economist, 2010, Pg. 3).

Globally aspect that is coming out of this article is related to the threat of mimicry and takeover with no critical assessments made by credit rating institutions. Often, economic traders take the informational content of the rating and integrate the results considered as being extremely reliable in operations and decisions on various global markets. Sometimes destructive influences assessments may lead to market dislocations negatively affect the behavior of economic actors. Phenomena occurred in recent years have generated and continues to generate differentiations in diverse concepts. Among them, the economic concept of country risk is considered globally crucial in decision making process instrument. In an era of economic globalization and financial liberalization, there are various financial crises as observed in Greece. The current financial crisis entered in its fourth year due to the results of deregulation, the dangerous and irresponsible behavior and the disastrous consequences of the new rules of regulation imposed on different markets (Financial Times, 2013, Pg. 4).

Furthermore, it is needed to take a detailed look, without reducing the importance of country risk assessment, into the substantial macroeconomic variables and the perspective of the country in difficult before the last decision concerning risk. Also, comparing methodologies used and the normalization of processes can facilitate understanding of the grading mechanisms, which can always be improved.

Nations like the U.S, have noted that there are substantial weaknesses in the economic schemes of Greece and also a current worrying account deficit. Moreover, differences in the competitiveness in comparison to other member-states being obvious in the exports / imports balances as the Greek and the Romanian accounts present various problems. The highly markets of late stem suggest Greece`s debt issues that have made a default imminent. This is creating a world black hole that is drawing a growing number of economies with it. This has resulted to fears in the Greece government as the European finance ministers reported that there may be a deferment on a decision whether Greece was suitable for its sixth tranche of bailout funds (The economist, 2010, Pg. 3).

Considerably, investors have become afraid that the country will run out of funds before a decision on the bailout is reached. Moreover, Greece may not be succumbing to a Trojan-level in the coming few days. However, there is minimal doubt that Greece cannot remain harnessed to the rates of the euro. In addition, it faces certain default indicating that some big banks, bondholders, and shareholders are likely to suffer (Financial Times, 2013, Pg. 5).

In conclusion, it is unclear whether legislation adopting a second bailout package into national law must be passed by a three-fifths majority. Even if the troika were willing (or saw no choice for reasons of systemic risk), there are new questions about Greece's sovereign debt sustainability and almost certainly a larger financing gap for 2012-13, which Greece's European official creditors (the ECB and the EU) would be asked to fill. Any PSI agreement must ensure sustainability of Greece's sovereign debt over time in order to avoid another restructuring further down the road. Nonetheless, the economy is recording its fifth year of recession. Although many Pasok members of parliament oppose the structural reforms that will be contained in an omnibus bill soon to come before parliament, none will vote against under present circumstances.      

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