Standard & Poor’s downgraded Greece’s credit rating one notch on Friday and warned of a narrowing window for the government to agree on a new financing program with creditors.
S&P downgraded Greece to “B-” from “B,” with a negative outlook.
“The downgrade reflects our view that the liquidity constraints weighing on Greece’s banks and its economy have narrowed the timeframe during which the new government can reach an agreement on a financing programme with its official creditors,” S&P said in part in its statement.
The agency also warned that the European Central Bank’s decision to stop accepting Greek debt as collateral risked exacerbating a steady run on Greek banks.
PS that was expected, wasn’t it? At least, we are still B-. Remember the time we were “junks”?
Never mind. We slowly can turn the eurozone …red 🙂
by Lebanese caricaturist HADDAD
