The rating-agency issue is ignored more grounded in reality. From next year bonds will again only be eligible as collateral at the European Central Bank if they are rated A- or above by at least one of the three big rating firms. If Greece loses its remaining A rating from Moody's, its bonds will be less prized by banks, raising its borrowing costs. But as Mr Weber says, the ECB could choose to lend against lower-rated bonds on more punitive terms. This at least is a real problem with a sensible solution.
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