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S&P gives Greece worst sovereign rating

Standard & Poor’s yesterday downgraded Greece to CCC – the worst sovereign rating in the world.

The downgrade reflected the increasing likelihood of Greece defaulting and follows numerous downgrades from other ratings agencies.

A majority of economists and fund managers have been convinced since last year that Greece will have to restructure its debts.

In a statement, S&P said: “In our view, Greece is increasingly likely to restructure its debt in a manner that, under the conditions of any package of additional funding provided by Greece’s official creditors, would result in one or more defaults under our criteria.”

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