Financial Times
May 20, 2011
Greece suffered a multi-notch debt downgrade on Friday as rating agency Fitch warned of the challenges the country faces to turn round its economy.
Fitch cut the rating on Greece’s long-term sovereign debt three notches, from double B plus to B plus, and put the country on “rating watch negative”.
Fitch said: “The rating downgrade reflects the scale of the challenge facing Greece in implementing a radical fiscal and structural reform programme necessary to secure solvency of the state and the foundations for sustained economic recovery.”
Yields on Greek bonds, an indication of the country’s borrowing costs, soared to euro-era highs amid fears in financial markets that a debt restructuring could hit the country’s banks.
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