Greek PM Tsipras Says Greece Will Survive Even Without Bailout Program
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UPDATE: S&P Cuts Greece to 'CCC-'; Outlook Remains Negative (GREK) (NBG)
June 29, 2015 2:19 PM EDT(Updated - June 29, 2015 2:25 PM EDT)
OVERVIEW
We interpret Greece's decision to hold a referendum on official creditors' loan proposals as a further indication that the Tsipras government will prioritize domestic politics over financial and economic stability, commercial debt payments, and eurozone membership.In our view, the probability of Greece exiting the eurozone is now about 50%.Also, we believe that, absent unanticipated favorable changes in Greece's circumstances, a commercial default is inevitable within the next six months.We are therefore lowering our long-term ratings on Greece to 'CCC-' from 'CCC' and affirming... More