(ANSAmed) - ATHENS, AUGUST 8 - Greece's credit rating may be
cut again by Standard & Poor's on concern a worsening economy
raises the likelihood the troubled nation will need more support
from European Union lenders, daily Kathimerini reports today.
The outlook on Greece's CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement as Bloomberg reported. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the rating company said. Greece's economy has been squeezed by the fiscal tightening needed to qualify for rescue-loan disbursements, with gross domestic product shrinking for five straight years and unemployment rising to 22.5% from 7.9%. Finance Minister Yannis Stournaras said yesterday the government is still working on identifying almost a third of the cuts required by international creditors to resume the flow of bailout funds. Greece may need as much as 7 billion euros in loans this year as gross domestic product shrinks as much as 11% in 2012 and 2013, S&P said. (ANSAmed).
The outlook on Greece's CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement as Bloomberg reported. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the rating company said. Greece's economy has been squeezed by the fiscal tightening needed to qualify for rescue-loan disbursements, with gross domestic product shrinking for five straight years and unemployment rising to 22.5% from 7.9%. Finance Minister Yannis Stournaras said yesterday the government is still working on identifying almost a third of the cuts required by international creditors to resume the flow of bailout funds. Greece may need as much as 7 billion euros in loans this year as gross domestic product shrinks as much as 11% in 2012 and 2013, S&P said. (ANSAmed).
