S&P moves to cut Greek credit rating

Standard & Poor’s cut Greece’s credit rating by two notches on the 9 May 2011, warning that any voluntary debt restructuring by Athens would amount to a default.

The downgrade to B, six notches into junk territory, comes after European politicians acknowledged publicly that Greece’s €110bn rescue package was insufficient and more help would be needed.

ESO: Background information: Greece may ask for fresh bail-out / European officials to revamp Greek aid http://www.europeansources.info/record/greece-may-ask-for-fresh-bail-out-european-officials-to-revamp-greek-aid/

Kathimerini, 9.5.11: Fresh debt rating cut from S&P http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_6505_09/05/2011_390200

Deutsche Welle, 9.5.11: Greece hit with fresh debt downgrade as concern over euro exit persists http://www.dw-world.de/dw/article/0,,15063297,00.html

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