Greek sovereign debt rating sinks further into "junk" rating

Standard & Poor has slashed Greece's sovereign debt rating further into "junk" territory as the true extent of the country's financial woes were laid bare on Wednesday.

Figures from Athens' finance ministry reveal, the economy has slipped even further into the red following the election of its Leftist government.

Separate data from the country's official statistics authority, also showed a gaping hole in the Greece’s public finances.

Just recently, Standard & Poor's downgraded the sovereign to a B- with a "negative outlook" from its CCC+ rating, due to continued uncertainty involving Greece's membership in the eurozone as well as gave Greece a warning that "without deep economic reform or further relief, S&P expects Greece's debt and other financial commitments will be unsustainable."

News Categories: