Fitch Cuts Greece Deeper into Junk Territory

Fitch pushed Greece’s credit rating deeper into junk territory on Friday, warning of even further downgrades if the EU and the IMF do not come up with a credible plan to resolve the country’s debt crisis. “The rating downgrade reflects the scale of the challenge facing Greece in implementing a radical fiscal and structural reform program necessary to secure solvency of the state and the foundations for sustained economic recovery,” Fitch said in a statement. – Reuters

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