May 23, 2013
S&P downgrades Greece's outlook
The rating agency Standard & Poor's downgraded Greece's sovereign debt from "stable" to "negative," stating that an economy that is not getting better and the current political challenges could lead to another downgrade.
The agency will maintain for the moment the country's rating at CCC, and assured there is a "possibility" of a downgrade due to the "worsening economic path the country is going through" and "to the delays in the application of a deficit reduction programme" urged by the European Union, the European Central Bank and the International Monetary Fund (IMF).
S&P considers that the Greek government "has difficulties to achieve new savings" to fulfill the conditions.
"We believe that Greece will probably have to call for a new aditional help" of 7 billion dollars, the agency stated in a communiqué.