“International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default,” RT reports. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice … Continue reading
Standard & Poor’s has lowered Greece’s sovereign rating one notch further into junk territory, saying the country will likely default within the next 12 months if it doesn’t agree with its creditors over the €7.2 billion installment. S&P downgraded the rating to “CCC” from “CCC+” – a highly speculative rating on S&P’s scale – saying … Continue reading
By Tom Lydon What started as a wild week for the Global X FTSE Greece 20 ETF (NYSEArca: GREK) will end that way as the lone Greece ETF is tumbling by 3.7% after Standard & Poor’s pared its rating on the country’s sovereign debt to B- from B. The ratings agency is keeping the long- and … Continue reading