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S&P cuts Greece credit rating

06-14-2011 13:57 BJT

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Standard and Poor's has downgraded Greece's credit rating to junk territory, saying the country is likely to default on its debts at least once by 2013.

The latest cut comes just days after the new austerity program was unveiled. Opposition parties against the new budget have rejected the Greek government's overtures, instead driving labor unions to call a general strike this week.

The downgrade reflects the rising implementation risks associated with the EU/IMF program, given the difficult political and economic environment. Greece's Finance Ministry says the downgrade overlooks intense deliberation at the European Commission, the European Central Bank and the IMF to find a viable solution to the debt crisis.

Standard and Poor's has downgraded Greece's credit rating to junk territory, saying the country is likely to default on its debts at least once by 2013.

Editor:Shi Jierui |Source: CNTV.CN

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