Greeks have protested in Athens, June 29, when the Parliament approved austerity measures more for more bailout money.
NEW YORK (CNNMoney)--if the Greece finally was his rescue money. But when this temporary financial crutch in the following year, the troubled nation will once more the very real possibility of the default value.
The Greece does not have enough money to pay its debts, and rolling on current debt may not be an option, according to the reports of the three major rating agencies.
McGraw-Hill (MHP, Fortune 500) Standard & Poor, of Moody (MCO) investors Service and Fitch Ratings all defined by default in a manner which includes transfers in certain situations.
Standard & Poor reported Monday that the two funding options presented by the French banking system, which involves the restructuring of the debt by the private sector, would "be likely a default under our criteria."
One of the Chief of the rating agencies concerns is that new supporters of Greek debt might eventually be shoddier ones they are replacing.
Fitch noted that an exchange of debt could result by default if the titles are "worse than the original contract of the terms of the existing debt and where the sovereign is subject to the financial distress."
In addition, the French plan would force banks to take on the impairment because of the difficult financial situation of the Greece, according to Moody.
Desmond Lachlan, resident fellow at the American Enterprise Institute for research of Police public and former policy advisor to the Monetary Fund International, said the rating agencies were "operation very technically" in their analysis of the Greek debt.
Lachlan said he hoped that the European Central Bank to accept debt instruments Greek as collateral, despite their low ratings.
"[The ECB bankers] seem to be indicating that they will accept Greek paper, even if it is evaluated in the default value," he said. "If the ECB did not say that it would play in the Greece."
The Greece debt is set to mature from July 2011 to June 2014. Spectrum default is imminent, but immediately, even if a part of the debt is due this month.
The Greece has enough money to continue the operation, at least in the short term. The Member countries of the euro and the Monetary Fund International has recently approved the last tranche of $ 17 billion in the $156 rescue plan launched last year.
But even with the rescue plan, Greece will eventually run out of money. Fitch said in a recent note, that "deficits of budget financing" would take place in 2012, suggesting that the rescue plan is sufficient to obtain the Greece through the rest of 2011.
The last tranche of the bailout of funding has been approved on the condition that the Greece make of new belt-tightening, in addition to those imposed austerity measures last year.
The original raft of austerity measures that have been applied in 2010 has raised the retirement age to 65 for as low as 61 and tempered eligibility for disability benefits. Also, the taxes have been added to a multitude of products, including fuel, alcohol and cigarettes.
The new measures of austerity, which include reductions in remuneration for public workers, led thousands of demonstrators in the crowd in the streets of Athens, where they clashed violently with riot police.
Many demonstrators were blaming their economic woes rich tax dodgers.
Tax dodging has been generalized in Greece, the national budget, undermine and curb fraud is a major focus of new austerity measures.
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