Greece goes further into junk territory

The pressure mounted on Greece on 1 June 2011 when Moody’s cut its credit rating and maintained its negative outlook.

The ratings agency cited a growing risk that the European periphery economy would fail to stabilise its debt position without a restructuring.

Greece responded by saying Moody’s was not taking into account Athens’ efforts to put the country’s finances on an even keel.

ESO: Background information: Greece set for severe bail-out conditions http://www.europeansources.info/record/greece-set-for-severe-bail-out-conditions/

BBC News, 2.6.11: Greece default risk at 50:50 says Moody's http://www.bbc.co.uk/news/business-13625084

France24, 1.6.11: Moody's slashes Greek credit rating again http://www.france24.com/en/20110601-moodys-slashes-greek-credit-rating-yet-again-negative-outlook-debt-crisis

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