Downgraded again


Greece was downgraded again yesterday by the Fitch ratings agency.

Fitch reduced the credit rating of Greece from B- to CCC. The ratings agency cited a strong showing of anti-austerity parties in the recent general election, the failure to form a government and a probable exit from the Eurozone as its reasons for the downgrade.

In other news Angela Merkel is reported to have suggested that Greece should hold a referendum on the Euro on the same day as the next general election (17th June) when she spoke on the telephone to the Greek president. Greek parties were quick to condemn the comments as interference in the affairs of their country. Merkel’s office denied the comments and said that the conversation between the two leaders was confidential.

Meanwhile Greece was the top subject at the G8 meeting and European Union leaders have now admitted that they have working on contingency plans in case Greece exits the Euro.

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