Greece saw its credit ratings downgraded to the lowest level in the eurozone on Tuesday amid fears over its deteriorating public finances. Heavy selling of Greek stocks and bonds highlighted concerns that the country is heading for financial disaster unless it  tackles dangerously high debt levels, forecast to rise to 125% of GDP next year. Shares on the Athens stock exchange fell more than 6%. Fitch cut ratings on Greek debt to BBB plus with a negative outlook – the first time in 10 years it has been rated below A grade. Moody’s and S&P have also warned Greece it could be downgraded. See also FT Alphaville.

This entry was posted by Gwen Robinson on Wednesday, December 9th, 2009 at 4:53 and is filed under Capital markets. Tagged with Greece. Edit this entry.