Greece - Fitch Research


Greece - Fitch Research
Published Nov 09, 2012
18 pages (11036 words) — Published Nov 09, 2012
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Brief Excerpt:

...Sovereign Ratings Relapse: Fitch Ratings marked the completion of Greeces sovereign distressed debt exchange in March-April 2012, the largest sovereign debt restructuring in history, with an upgrade of its sovereign ratings to ,,B- from ,,RD. The subsequent acute political instability raised the spectre of Greece being unable to sustain membership of Economic and Monetary Union (EMU), precipitating a renewed sovereign downgrade to ,,CCC on 17 May and a lowering of the Country Ceiling to ,,B- from the eurozone wide rating of ,,AAA. Programme Realities: Fitch believes that the parlous state of the Greek economy, coupled with the fragile nature of the government, will lead the eurozone group to extend the current EU-IMF programme by two years to 2016. However, identifying the resources to fund an attendant fiscal financing gap of some EUR22bn in 2013-2016 will prove challenging, and even more so as Greek public debt dynamics continue to deteriorate. Waning Public Debt Stability: Private Sector...

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Full Rating Report

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Fitch Research. "Greece" Nov 09, 2012. Alacra Store. Jun 20, 2018. <>
Fitch Research. (). Greece Nov 09, 2012. New York, NY: Alacra Store. Retrieved Jun 20, 2018 from <>
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