Greece inches closer to default status

Greek flag

Fitch, a rating agency, has slashed Greece's long-term credit rating to CCC, one notch above default status, in a string of decisions to European peripheral countries this week.

On Wednesday, Fitch said it had downgraded Greece four notches, from B+ to CCC, taking the sovereign's credit rating to one notch away from default status. The rating agency said the downgrade owed to the absence of a "new and fully funded" financing programme for the country after the fourth review of Greece's economic

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