Standard & Poor’s also lowered the rating of Greece – The Point

The rating agency Standard & amp <- - col article!>; Poor’s lowered further Wednesday rating of Greece to “CCC”, instead of “CCC +” before, stressing that without agreement with its creditors, Athens should default on its debt within twelve months. The outlook for the rating is negative, which implies that S & amp; P could lower it even further if no progress is achieved in the negotiations between the Greek government and its creditors of the European Union, the European Central Bank (ECB) and International Monetary Fund (IMF)

S & amp;. P recalled that Greece had reported that she had to make a payment to the IMF last week and that it “seems to demonstrate that the Greek government gives priority to pensions and other domestic spending rather than its obligations under its debt service. “

” Play a parallel currency alongside the euro? “

” In our opinion, not a trend reversal on the growth of gross domestic product and deep public sector reforms, the debt of Greece will not be sustainable, “it is added to same source. “The downgrade reflects our opinion therefore that, without an agreement with its official creditors, Greece will likely default on its commercial debt within twelve months. “

The rating agency emphasized that the ECB is currently providing significant support to Greek banks, but the strong and continuous withdrawals could soon force the Greek government to impose capital controls and” issue a parallel currency alongside the euro “.