Wall Street Journal
July 14, 2011
It is difficult to understand the latest credit-rating downgrade of Greece by Fitch Ratings, a European Union spokeswoman said Thursday.
"We do regret and hardly understand this decision by Fitch," the spokeswoman said.
Fitch slashed Greece's issuer default ratings four notches deeper into junk territory Wednesday, saying the move reflected the absence of a new, fully funded and credible EU-International Monetary Fund aid program.
"The EU and the IMF just released another tranche of financial support to Greece, which is clear evidence that conditions for disbursement have been met," said the spokeswoman.
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