Greece – credit rating outlook

August 8, 2012 in Forex Analysis

Greece – Credit Rating

Standard & Poor’s may cut Greece’s credit rating further. The current credit rating of Greece is CCC and that is 8 levels below the investment grade.

The GDP of the troubled nation has been going down for past 5 years. The unemployment rate has sky rocketed to 22.5%.

The credit rating cut would depend again on the disbursement of the rescue package by IMF and European union.

The Euro has gained against US Dollar recently but is running sideways below 1.2500. Overall situation is not in favor of Euro and the recent upward move can best be termed as a normal consolidation.

 

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