S&P Slashes Greece Rating To Lowest In World; Says Default Is Likely

Monday, June 13, 2011 16:32
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S&P Slashes Greece Rating To Lowest In World; Says Default Is Likely

Tags: emerging markets | world economy

Greece became the lowest-rated country in the world in the rankings of Standard & Poor's on Monday, putting it below Ecuador, Jamaica, Pakistan and Grenada. 

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The rating agency cut Greece three notches and warned it would view a likely debt restructuring as a default.
 
This was the latest blow for the Greek government, which is scrambling to push a new austerity package through parliament to clinch continued funding under a year-old bailout plan despite rising public discontent.
  
The move takes S&P's rating of Greece one notch below Moody's Caa1, while Fitch ranks Greece at B+.
 
S&P said the outlook on the long-term rating remained negative, a sign that another downgrade is likely in the next 12 to 18 months.
 
 

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