Arab Today, arab today fitch cuts greeces rating amid default worries
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

2 notches to high-risk level of 'CCC' from 'B'

Fitch cuts Greece's rating amid default worries

Arab Today, arab today

Arab Today, arab today Fitch cuts Greece's rating amid default worries

Greek flag flies next to a statue of the ancient Greek goddess Athena
Washington - Arab Today

Ratings firm Fitch cut Greece's credit rating Friday amid worries that the eurozone country is running perilously close to defaulting on its sovereign debt.
Fitch lowered Greece's rating by two notches to the high-risk level of "CCC" from "B," but said that nevertheless it expected the government would survive its cash squeeze.
"Lack of market access, uncertain prospects of timely disbursement from official institutions, and tight liquidity conditions in the domestic banking sector have put extreme pressure on Greek government funding," Fitch said in a statement.
"We expect that the government will survive the current liquidity squeeze without running arrears on debt obligations, but the heightened risks have led us to downgrade the ratings."
The rating downgrade came as the new anti-austerity Greek government raced to reach a deal with its European Union and International Monetary Fund creditors by next month before state coffers run dry.
It is expected to produce a revised reform list Monday in a bid to unblock EU-IMF funds.
In February, after weeks of brinkmanship, Greece won a four-month extension of its rescue, to the end of June, supporting "our base case scenario that Greece and its creditors will ultimately reach a compromise deal," Fitch said.
"However, progress since then has been slow. It is unclear when the earliest disbursement could take place and what will be required for this to happen."
Fitch said the damage from the crisis would take time to repair.
"The damage to investor, consumer and depositor confidence has almost certainly derailed Greece's incipient economic recovery," said the ratings firm.
"Liquidity conditions faced by firms will have worsened substantially, in our view, due to increased government arrears to suppliers and bank funding strains."
Fitch slashed its growth forecast for this year to 0.5 percent, from 1.5 percent projected in January and 2.5 percent in December.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch cuts greeces rating amid default worries Arab Today, arab today fitch cuts greeces rating amid default worries

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch cuts greeces rating amid default worries Arab Today, arab today fitch cuts greeces rating amid default worries

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday