Arab Today, arab today bond raters sp moodys step up pressure on greece
Last Updated : GMT 06:09:23
Arab Today, arab today
Arab Today, arab today

Bond raters S&P, Moody's step up pressure on Greece

Arab Today, arab today

Arab Today, arab today Bond raters S&P, Moody's step up pressure on Greece

A woman wrapped in a greek flag makes her way in front of the Greek parliament
Paris - AFP

The top credit rating agencies piled more pressure Friday on Greece as the country scrambles to negotiate a new debt deal with its European creditors.
Expressing concerns that Athens can win an agreement to lighten its debt burden and avoid a new default on hundreds of billions of euros worth of loans, Standard and Poor's dealt the country a fresh downgrade, while Moody's put it on review for the same.
"The liquidity constraints weighing on Greece's banks and its economy have narrowed the timeframe during which the new government can reach an agreement on a financing program," S&P said.
"A prolongation of talks with official creditors could also lead to further pressure on financial stability," it warned, with the "worst-case scenario" leading to the country's exclusion from the eurozone.
Moody's cited "considerable uncertainty" over the ability of Greece and its EU bailout lenders to reach an agreement that will strengthen the country's financial position.
"If the Greek government is unable to secure an agreement with official creditors in the next few weeks, the probability of default on debt issued to the private sector would rise sharply," it warned.
S&P reduced Greece's credit grade by one step to B-, deep in junk-bond territory, and Moody's put the country on warning that it could cut its slightly lower Caa1 rating on Greek government debt.
Greece and its key creditors in Europe appeared still far apart over Athens's demands to renegotiate its 240-billion-euro ($275-billion) bailout with the European Union and the International Monetary Fund.
The EU portion of the program is due to expire February 28, leaving just weeks for Athens and Brussels to reach a compromise or risk a default that could send Greece crashing out of the euro.
While the EU has offered an extension of its expiring program to help make time for negotiations, Greece was demanding a temporary bridge loan to cover the talks.
"We don't do bridging loans," Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, told reporters in The Hague, according to Bloomberg.
But a Greek government source told AFP that the bridge program would be "an official expression of the will of all sides to negotiate without pressure and blackmail."
Both rating agencies pinpointed the vulnerability of Greek banks to the drying up of their liquidity line from the European Central Bank.
The ECB this week cut off one route of the banks' access to its funding.
It said Wednesday that it would no longer accept Greek government bonds as collateral for loans, because of doubts the country could meet its current obligations under the rescue program of the International Monetary Fund and European Union.
"We see the uncertainties connected to the provision of liquidity to Greek banks as potentially exacerbating deposit outflows, depressing investment and weakening tax compliance, which are already deteriorating Greece's economic and fiscal profile," S&P said.

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 bond raters sp moodys step up pressure on greece Arab Today, arab today bond raters sp moodys step up pressure on greece

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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