Greece suffers new credit downgrade

Greece’s credit rating has been cut by two notches to CC, with a negative outlook.

Greece suffers new credit downgrade

Greece’s credit rating has been cut by two notches to CC, with a negative outlook.

The international ratings agency, Standard and Poor’s, says the proposed restructuring of Greece’s heavy debt load under a new international bailout deal would amount to a selective default.

A Standard and Poor’s statement says the likelihood of a future Greek default is likely to remain high.

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