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Greece: New bailout fails to ward off default; Telecom: BlackBerry maker chops 2,000 jobs; Airlines: American adds wings; Real estate: Countrywide coughs up; Autos: The U.S. sells its stake in Chrysler

Greece: New bailout fails to ward off default

The Greek economy is probably headed for default despite a second bailout, said Howard Schneider in The Washington Post. Ratings agency Moody’s downgraded Greece’s credit rating just days after eurozone countries, led by France and Germany, agreed to provide Greece with another $157 billion in loans. Moody’s is pessimistic because private investors will be asked to swap their Greek bonds for new ones that mature later. Those bondholders are sure to take a loss, putting chances of a Greek default at “virtually 100 percent,” Moody’s said.

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