Wednesday, February 22, 2012

FITCH DOWNGRADES GREECE: 'Default Is Highly Likely In The Near Term'

Sam Ro

Fitch just downgraded Greece to C from CCC, putting the debt-laden country deeper into junk territory.

The action follows news that European leaders agreed on terms allowing for Greece to receive its second bailout.

Fitch's action is tied to the terms of the Greek sovereign debt swap.  Here's what they wrote:
 

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