– 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.