Further downgrades by credit ratings agencies would mean Greek government bonds would no longer be eligible as collateral in borrowing cheap E.C.B. funds, starting in 2011.
Because the state-owned regional banks, or landesbanken, are so weak, over-leveraged, without a viable business plan, and fearful for their own small capital reserves, they are hesitant to make new loans and, at the same time, risk further downgrades by the ratings agencies reporting on their solvency.
By being voluntary, such a program would not prompt further downgrades by the ratings agencies.
Bankia, recently seized by Spain's government, and the country's other banks, are under threat of further downgrades by Moody's Investors Service and other credit ratings agencies.
Unless Athens takes swift action to cut spending and raise revenue, it risks costly E.U. sanctions and further downgrades by credit ratings agencies that would sharply increase its borrowing costs and deepen its economic recession.
Gradual weakening took place as the storm moved inland over Mississippi and by 1800 UTC on September 16, Ethel was further downgraded to a tropical depression.
By October, when a recession was well under way, they further downgraded their estimates -- but again they said the economy should be growing in six months.
This quality of evidence was further downgraded on account of serious indirectness of population and comparison as well as imprecision.
This could be further downgraded to "very low quality evidence" if there were also limitations in design.
