Fitch downgrades Greece to ‘restricted default’

The Fitch ratings agency has downgraded Greece to «restricted default» after the country secured a strong majority of private creditors to participate in a bond swap deal that will wipe off about 105 billion euros from its national debt.

Friday’s move was expected, with ratings agencies having said they considered the bond swap deal to be a default. The two other major ratings agencies, Moody’s and Standard