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May 18th, 2012 
FAKE NEWS for the Zionist agenda The ratings agency lowered the long-term credit rating for the country on Thursday, citing the results of the May 6 parliamentary election, the inability of Greek parties to form a functional coalition government, and doubts about the country’s ability to stay in the eurozone.
“The downgrade of Greece’s sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU),” the agency also said in a statement.
The agency said an exit from the euro currency union is “probable” if politicians fail to form a government after the next round of elections, scheduled for June 17.
“In the event of a Greek exit from EMU, Fitch would treat the forcible redenomination of sovereign and private sector debt into a new Greek currency as a default event,” it added.
It warned that the country’s exist from the eurozone would hurt the economies of other European nations that use the currency.
“A Greek exit from EMU would break a fundamental tenet underpinning Fitch’s sovereign and other ratings in the eurozone as well as exacerbating economic and financial risks facing other EAMS (Euro Area Member States),” the statement said.
Fitch said it would put all eurozone countries on negative watch, which could lead to further downgrades.
The agency had upgraded Greece’s credit rating from “restricted default” to B- on March 13 after the conclusion of the country’s debt swap at the end of February.
Latest statistics show that the Greek economy has lost 6.2 percent in the first quarter of 2012. Greece could go bankrupt by the end of June if international lenders refuse to prop the country up with a EUR-130-billion bailout fund to keep it afloat and inside the eurozone.
European leaders and International Monetary Fund officials have warned that the country must accept the EU’s bailout terms in order to stay in the eurozone.
As the country’s political and economic crisis worsens, eurozone financial ministers fear that Athens may not comply with the austerity measures, it has already accepted. Accepting the terms of the first bailout deal, which was clinched in May 2010, has been considered by Greece’s European neighbors as precondition for the endorsement of the second bailout.
Greeks are outraged at two years of harsh austerity measures, which have been imposed in return for financial assistance.
The country is the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession. One in every five Greek workers is unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.
MN/MHB/HN
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