First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

We need so many more of our readers to join them. The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country. We are inundated with tip-offs; we know where to look and what to do with the information when we have it – we just need the means to help us keep doing this work.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

Greeks watch the cows come home laden with debt

Defend Truth

Greeks watch the cows come home laden with debt

The downgrade by rating agencies of Greek government debt following Dubai World’s woes, is a stark reminder that the credit crisis dragon still has smoke pouring from its nostrils. Stock markets fell sharply across Europe and were in decline in late trading in the US, as investors sought shelter in trusted assets such as German government bonds. But analysts don’t see Greece’s problem as a sign of severe systemic distress, but rather a twitching of the slain debt dragon’s body. The Greek troubles also weighed on the euro, which dropped from November highs. Fitch’s new Greek rating of BBB+ (from A-), is still investment grade, but with a negative outlook, meaning a further downgrade is possible. The Greeks spent more than they had in the pot, and are now paying the price. Read more: The New York Times

Gallery

Please peer review 3 community comments before your comment can be posted