Greece's fiscal woes deepened on Monday after Standard & Poor's downgraded the country's credit rating to B from BB-, pushing the country further into ‘junk’ territory. The rating agency also warned that it may be necessary to restructure its debt.
REUTERS - Standard and Poor’s cut Greece’s rating to B from BB- on Monday, dragging it further into junk territory over concerns that a debt restructuring is increasingly likely.
One year into its EU/IMF bailout, Greece is struggling with weak revenues and a deep recession, fuelling speculation that it will have to restructure its debt to pull itself out of the fiscal mess that triggered the euro zone’s crisis.
Date created : 2011-05-09