January 14, 2011
The ratings agency Fitch slashed Greece's credit rating to junk tonight as Europe's leaders struggled to agree on measures to tackle the mounting crisis affecting the 17-nation eurozone.
Expressing severe doubts about the ability of Greece to grow fast enough to pay off its debts, Fitch said it could not rule out further downgrades.
The move – which means all three ratings agencies now rate Greek sovereign debt as junk – came amid signs of disagreement between Paris and Berlin over the financial support that should be provided to struggling eurozone members.
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