July 13, 2011
Greece came under further pressure to tackle its growing debts after a report by the International Monetary Fund urged Athens to move faster on fiscal and structural reforms to avoid defaulting.
The IMF highlighted the country's woes in a detailed report that found its economy would contract more than previously predicted, leading to a jump in government debts to more than 170% of national income.
Fitch, the credit-rating agency, gave a clear signal that it believes Greece is heading closer to default after it followed the report with a downgrade of the country further into junk territory. The government responded by describing the downgrade as "bewildering".
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