In a statement, Moody’s stated that the downgrade to Caa2 to Saa3 c negative outlook is due to confidence agency that without the help of foreign creditors and the necessary economic reforms, Greece will not be able to avoid a default on commercial obligations.
Experts The agency notes that fears of a possible Greek exit from the euro zone lead to instability in the financial markets.
This ad referendum Moody’s called the additional risk for private investors. The agency noted that a further downgrade will depend on what the outcome of the vote. If the citizens of the country will vote against the proposed international creditors plan, it will only increase the risks for investors, experts believe the rating agency.
«Even if an agreement is reached, it is still necessary a profound transformation. Experience suggests that, even if the reform program will be presented, it is likely that they will not be implemented, “- said in a statement.
Over the last two days of the downgrade of Greece announced the other two agencies – Fitch and S & amp; P.
1 July the IMF has officially confirmed that Greece had failed to pay on time € 1,6 Bln. overdue payments to the IMF is equivalent to the default, which is the first in history among the advanced economies.
The referendum, in which the Greeks have to decide whether to agree to the proposal of the creditors will be held in Greece in Sunday, July 5. The legality of the meeting questioned the Secretary General of the Council of Europe Thorbjorn Jagland. He said that according to international standards for a referendum must be announced at least two weeks, but in the case of Greece it was announced later.
No comments:
Post a Comment