ECONOMY

Moody’s slashes Greek rating by three notches

Ratings agency Moody’s downgraded Greece’s debt rating three notches on Monday amid worries that the country will end up having to restructure its massive debts.

The agency lowered Greece’s rating by three notches to B1 from Ba1, citing three main reasons for the downgrade.

As well as warning of major implementation risks associated with the government’s economic program, Moody’s noted the considerable difficulties Greece has in raising revenues and highlighted the risk of more onerous conditions when the current bailout package ends in 2013.

Greece?s Finance Ministry described the downgrade as ?completely unjustified,? saying that it is not an objective and balanced assessment of the economic conditions faced by the country.

?Progress that has been made is pointed out in the announcement but not taken into account in their analysis, neither are the positive prospects [being created],? the ministry said.

Earlier this month, credit rating agency Standard