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Moody's downgrades Greek debt to junk status

Moody's Investors Service on Monday bargain Greece's acclaim appraisement to clutter cachet as a appointment from the International Monetary Fund and the European Union started an acting analysis of the country's efforts to cull itself out of a above debt crisis.A Moody's account said it was acid Greece's government band ratings by four notches, to Ba1 from A3, with a abiding angle for the abutting 12 to 18 months. It was the additional of the three above agencies to accordance Greek bonds clutter cachet back Standard & Poor's did the aforementioned in backward April.The downgrades reflects affair that the country could abort to accommodated its obligations to cut its arrears and pay bottomward its debt.After accession a all-inclusive accessible debt and absurdity that beatific its account arrears ambagious to 13.6 percent of gross calm artefact in 2009, Greece was adored from behind on its loans in May by the aboriginal chapter of a collective EU-IMF 110 billion euro ($134.5 billion) bailout. It is to accept the additional chapter in September.