(MENAFN) Fitch ratings announced that due to growing concerns that Greece might leave the euro zone, the agency reduced the credit ratings of the debt-burden country to CCC from B-, reported Xinhua News.
The agency said that in case Athens failed again to form a government after the new general elections, scheduled on June 17, the country will have to leave the one-currency bloc.
It added that if Greece left the euro zone, a general default will occur on the private sector and sovereign euro-denominated obligations.
It is worth noting that recent parliamentary elections in Greece, followed by a failure to form a government, highlight the public and political unwillingness to support the austerity measures.
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