S&P Downgrades Greek Debt amid Liquidity Crisis Fears

Standard & Poor’s downgraded Greek sovereign debt Friday. S&P already had a junk-level credit rating on Greece; the downgrade was from B to B minus.

Earlier this week, the European Central Bank said it would no longer allow Greece to use junk-rated debt as collateral for emergency loans. Newly-elected leftist, anti-austerity Syriza party leaders attempted to secure debt and austerity concessions in a whirlwind tour of Europe this week. But the fear is that Greece could run out of cash within weeks and it has bailout payments due.

(Πηγή: blogs.barrons.com)