Fitch downgrades Greece to one notch above default

Fitch has downgraded Greece to CCC status, one notch above default, due to growing concerns private investors do not want to participate in any bailout of the country.

The move is three points lower than the previous rating of B+, pushing Greek sovereign debt even further into ‘junk' territory and acknowledging default as a real possibility, according to Yahoo Finance. Moody's and Standard & Poor's have downgraded Greek debt to similar levels over the past month. In June, the Greek government agreed to pass strict austerity measures in order to receive a second bailout, for the sum of €14bn, from the EU and IMF. However the likelihood of Greece defaulting on its debt payments is seen as inevitable by some industry commentators, including George Soro...