Greece: A Ratings History

Everything seemed fine until end 2009. Few people talked about it. The debt was there. The deficits known. But Greece was still able to issue more debt. Until January 2010. S&P woke up first (BBB- is the lowest investment-grade rating; below means “junk”):

Source: FT MoneySupply Blog

Luckily the country is run by trustworthy politicians who know what they are doing:

Source: Associated Press, 11 Feb 2010