| | |
Fitch Ratings Agency on Thursday downgraded Greece's credit rating to CCC from B-minus, citing the heightened risk that the country might have to leave the euro zone.
Should new elections fail to result in a mandate for a new government to continue austerity measures, a Greek exit from the monetary union would be "probable," Fitch said.
"A Greek exit would likely result in widespread default on private sector as well as sovereign euro-denominated obligations, despite a moderate sovereign debt service burden following the restructuring of Greek government bonds in March," the statement said.
ADS BY GOOGLE
video of the day
Industrial recovery still away; like construction: HSBC