Fitch downgrades Hellenic debt to junk

Fitch has cut the Greek debt to “CCC” following a series of recent downgrades in the Eurozone. This occurred because the final shape of Greece’s new support program until mid 2014, with a new loan by the Eurozone and the IMF, as well as the final form of private sector participation, have not yet been finalized. However, according to Eurogroup’s decision on Monday, the new program will come into effect before September 15, when the new disbursement to Greece will be made available.

The Eurogroup agreed to propose concrete measures that will strengthen the euro zone’s capacity to reduce the risk of contagion from Greece to larger member states such as Italy.

Ovidiu Posirca

Read more about

RetuRO opens its 5th counting and sorting center in Bacău County

read more