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OVERVIEW

  • Liquidity constraints have narrowed the timeframe during which Greece’s new government can reach an agreement with its official creditors on a financing programme, in our view.
  • We believe the potential uncertainties surrounding the timing and success of such an agreement risk exacerbating deposit outflows, depressing investment, and weakening tax compliance.
  • As a result, we have lowered our long-term rating on Greece to ‘B–’ from ‘B’.
  • The long- and short-term ratings remain on CreditWatch negative.

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