S&P: ‘It’s a race against the clock’ for Greece

Just a day after a credit rating downgrade by Standard & Poor’s (S&P), a leading figure at the agency has detailed his concerns about the lack of progress in negotiations between Greece and its international creditors.

“(There’s) very little progress, and this is all the more worrisome because Greece is running out of time. We cannot quite be sure how much liquidity there is left,” Moritz Kraemer, the chief sovereign rating officer at S&P told CNBC Thursday in Washington D.C.

“We are definitely talking about a matter of weeks and not months and the government is starting to scrape the barrel of, sort of, liquidity from state companies, pension funds et cetera. So it’s a race against the clock.”