| | |
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
See retail join party soon, earnings jump from Q4: Kotak MF