Standard & Poor’s on Wednesday cut Greece’s credit rating from “CCC+” from “B-” with a negative outlook, saying it expected Greece’s debt to be “unsustainable.”
The ratings agency cited the potential for dissolving liquidity in the Greek government, banks and economy. S&P wrote that outlook for full-year economic growth looked “highly uncertain.”
“Without deep economic reform or further relief, we expect Greece’s debt and other financial commitments will be unsustainable,” S&P wrote in a release.
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