Region: Further Greek Woes
Moody’s Investors Service on Monday downgraded Greece’s government bond ratings to “junk” status, citing risks in the rescue package for the debt-ridden country from the Eurozone and International Monetary Fund, the BBC reported on June 15 2010.
The negative action reflects international concern that the country could fail to meet its obligations to cut its deficit and pay its debts, and that it would only worsen its situation. While the support package does create a credible set of reforms, the lower rating is consistent with the risks associated with it, Moody’s said…
Read more at The Sofia Echo.