Greece has 50:50 chance of defaulting, says ratings agency Moody's

The cost of insuring Greek government bonds rose on Thursday after ratings agency Moody's said there was now a 50% chance of the country defaulting on its debts.

The warning came as Moody's cut Greece's credit rating to Caa1, almost the lowest rating assigned to any country. The move intensified the pressure on European leaders as negotiations over a second rescue package for Greece continued in Vienna.

This "troika review", involving the European Union, the International Monetary Fund and the European Central Bank, is also considering what additional measures Greece must take in return for the next instalment of its original bailout plan.

Read Full Article from The Guardian

- Posted: 2011-06-02 10:09:13

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