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Fitch ratings agency downgraded debt-crippled Greece deeper into junk territory, warning of a "probable" Greek exit from the euro currency union if new national elections next month produce an anti-bailout government.
Fitch said it had cut Greece's rating by one notch, from B- to CCC, the lowest possible grade for a country that is not in default.
"The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU)," the agency said in a statement.
In addition to its acute financial woes, Greece has entered a protracted political crisis after elections on May 6 left no party with enough seats in parliament to govern alone, and nine days of hectic talks failed to reach a coalition deal.
The country is now headed for a new vote next month, most probably on June 17, and anti-austerity parties which recorded strong gains on May 6 are again expected to do well.
That has raised deep concerns that, if the new government reneges on Greece's austerity pledges, the European Union and the International Monetary Fund (IMF) could cut off the flow of bailout loans. Those rescue funds...




Atlantis Yachts produce Sport Open and Hardtop boats from 35-58 feet. In addition to these ranges is the first member for a range of open walkaround cruisers - the Verve 36. Explore the current...
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Sleek, elegant, fast… Hunton Powerboats really look the part. These British boats are built for sheer exhilaration on the water. Hunton can claim a 40-year pedigree. Jeff Hunton designed,...
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