sovereign credit

Difficult to avoid debt default of Greece's sovereign credit rating to lowest in the world
Greek debt totaled nearly 340 billion euros (about 491.7 billion U.S. dollars), equivalent to 150% of GDP, which led many analysts believe the size of Greece's debt default in a given period of time is difficult to avoid. International rating agency Standard & Poor's 13, announced the Greek long-term sovereign credit rating to CCC of the world's lowest, from the "default" is only four away, the rating outlook continues to remain at "negative."

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S & P day to Greece from the long-term sovereign credit rating down three notches to B with CCC, adding that Greece may be associated with the financing gap of one or more significantly increased risk of debt default. Meanwhile, the rating outlook remains in the "negative" means that Greece's sovereign credit rating in the next 12-18 months, there are further cuts are likely.

Currently, Greece's sovereign credit rating has reached the world's lowest, behind Ecuador, Jamaica, Pakistan and Grenada.

S & P said in a statement: "The downgrade reflects our a view that is based on our full and timely repayment of the relevant standard definition, one or more times the probability of default increased significantly, while Greece can full and timely repayment to official creditors,