ECONOMY

Moody’s downgrades Greek government bond rating to Caa2

Moody’s rating agency downgraded on Wednesday Greece’s government bond rating to Caa2 from Caa1, with a negative outlook

Moody’s said the key reasons for doing so are the «high uncertainty over whether Greece’s government will reach an agreement with official creditors in time to meet upcoming repayments on marketable debt» and the «significant implementation risks of a follow-up, medium-term financing program even if an agreement is reached, given the weakened economy and a fragile domestic political environment.”