Greece Downgraded, Put on Negative Watch (NBG, EXM, DRYS, OTE, more)
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- After-Hours Movers 2/25: RST, DECK, HBIO, INT, VLCM Higher; RMTI, CROX, ATHN, DAIO, VSEC, NVTL Lower
- DryShips, Inc. (DRYS) Posts Q4 adj.-EPS of $0.23, in-Line with Views
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- Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2009
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More News related to EXM
- Excel Maritime Announces Availability of 2009 Annual Report on Form 20-F
- 20 Listed Shipping Company Executives, Analysts and Financiers to Participate in Capital Link's 4th Invest in International Shipping Forum Thursday, March 25, 2010 in New York City
- Excel Maritime (EXM) Announces Time Charter Agreements for Four Panamax Vessels
- Excel Maritime Enters Into Time Charter Agreements for Four Panamax Vessels
- Morning Movers 2/25: CCE, EXM, TRLG, FARO, SMSI Higher; ANDS, PALM, ICLK, MALL, REV, ROCK, IFLG Lower
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Greek stocks are losing some ground today after Greece (the country of) recently had it credit rating downgraded by Fitch from ‘A-‘to ‘BBB+,’ the lowest in the European Union. Other ratings, such as Moody’s and S&P’s, have put Greece on a negative outlook.
European Commissioner for Economic and Monetary Affairs Joaquin Almunia said that Greece faces “very substantial” economic and fiscal challenges. Greece is expected to have a budget deficit of 12.7% of GDP, much greater than the European Union allowable limit of 3%.
Swedish Finance Minister and European Union Council of Finance Ministers Chair Anders Borg said Greece has to “get serious” about its fiscal situation.
Finance Minister George Papaconstantinou said he has pledged to cut the deficit at least 3.6% to 9.1%, still above the EU limit.
Some stocks that investors should watch:
- National Bank of Greece SA (NYSE: NBG) down 8.65% to $5.49;
- Hellenic Telecom ADS (NYSE: OTE) down 4.92% to $7.34;
- DryShips, Inc. (NASDAQ: DRYS) down 2.4% to $6.11;
- Excel Maritime Carriers, Ltd. (NYSE: EXM) down 5.41% to $6.64;
- Diana Shipping, Inc. (NYSE: DSX) down 3.66% to $15.02;
- Tsakos Energy Navigation, Ltd. (NYSE: TNP) down 4.13% to $15.79.
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