Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  August 08, 2012 10:08:50

S & P reduced the rating outlook for Greece because of worsening economy

Standard & Poor's announced that it lowers outlook credit rating of Greece, which currently varies on the degree of CCC, from stable to negative. According to S & P deteriorating Greek economy also increases the risk of having to further help this southern European country.

The Greek economy was severely affected by large fiscal savings and for 5 years in a row decreases. S & P estimates that GDP this year and next year will fall by 11%. The unemployment rate over the past 5 years increased from 7.9 to 22.5%.
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