Greece Just One Grade Above DEFAULT RATING As Fitch Slashes Rating By Another Three Notches

Greece finance chief downplays default rating (AP, July 14, 2011):

ATHENS, Greece (AP) — Greece’s finance minister sought to downplay fears of the implications of a default rating being slapped on the debt-ridden country after an expected second bailout.

Evangelos Venizelos told Parliament Thursday that the country faced “no danger of bankruptcy” and that its banking system was secure.

On Wednesday, Fitch slashed its rating on Greece by another three notches and further into junk status. The move from B+ to CCC leaves Greece just one grade above a default rating.

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