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June 2, 2011    

Moody’s downgrades Greece credit rating further

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by Kay Murchie

Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory.

The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years.

Moody’s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely to fail to stabilise its debt ratios within the timeframe set by previously announced fiscal consolidation plans.”

Athens is currently in negotiations to receive its fifth instalment of its €110 billion bailout loan from the EU and International Monetary Fund (IMF).

The talks come after Jean-Claude Juncker, Eurogroup Chairman, said the IMF may not approve the latest tranche unless Greece’s funding gap is addressed.

Today, it has been revealed that Greece will present a new austerity plan tomorrow in light of the latest developments.

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