Standard & Poor's Ratings Services (Standard & Poor's Ratings Service) Greece's rating outlook cut to negative from stable, that the Greek government is difficult to further cut spending in order to achieve the EU (European Union) and IMF (International Monetary Fund, referred to as the IMFset) for the award of a bailout funds under conditions.
 
Standard & Poor's confirm Greece's sovereign credit rating to the CCC.
The agency said the postponement of the implementation of the budget rectification measures, in addition the economic situation has deteriorated this year, Greece may apply in accordance with the existing rescue package proposed by the EU and the IMF for more bailout funds. The agency said Greece 2012 deficit and debt gap can not be provided through the International Tripartite new funds or other means, which can fill the Greek rating may experience downward.
 
The International Tripartite by the EU, the ECB (European Central Bank) and IMF.
 
Standard & Poor's 2012-2013 Greek gross domestic product (GDP) is expected to shrink by 10% -11% cumulative, the EU and the IMF had projected the atrophy rate of 4% -5%. Shrinking domestic economy continues to intensify, and the deterioration of the financial situation of this year, Greece is likely to also need to apply for bailout funds of about ? 7 billion.



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