Ratings agency Standard & Poor's increased the pressure of Greece's political leaders to enact debt reform, by placing the country on "negative" credit outlook.
S&P also affirmed its Triple-C foreign credit rating and C-Local rating for Greece.
The agency said delays in bringing about budget consolidation and a deteriorating Greek economy mean the country is likely to require additional bailout funding from the European Union and the International Monetary fund.
The report predicted Greece would require up to 7 billion euros in additional financing
S&P forecast Greece's Gross Domestic Product would contract by 10 to 11 percent for the two year period ending in 2013. Current EU-IMF projections are for GDP contraction of 4 to 5 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.