– The agency Standard & amp; Poor’s cut rating Greece from “CCC +” to “CCC”. The outlook is negative. The downgrade “reflects the possibility that” in the absence of an agreement with creditors, Greece will probably default on commercial debt in 12 months. “” The delay in payment to the IMF shows that the government gives greek priority to other payments with respect to its obligations “, explained the Agency.
The position liquidity of Greece continues to deteriorate and Athens “seems to give priority to other expenses of its obligations on the debt,” wrote S & amp; P. “From our point of view without a reversal of nominal GDP and a thorough reform of the public sector, the Greece’s debt is unsustainable, “stressing that the withdrawal of deposits from Greek banks increases the possibility that the government imposes capital controls.
” The uncertainty on the relations between Greece and its creditors and stability policy are weighing on the economy “highlights S & amp; P, indicating that even if an agreement with creditors was reached, and ‘likely will not cover the obligations of Greece’s debt to the’ in September. The outlook is negative Finally, “given the risk of a further deterioration of liquidity.”
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