Fitch cuts Greece's credit rating again. This time the downgrade is from “CCC” to single “C”, now a level very close to that fateful "D" that is saddled with insolvent countries. The decision comes as a result of the agreement reached in the night between Monday and Tuesday on second plan of aid to the Greek country: the 53,5% cut on the nominal value of government bonds in the hands of private creditors corresponds to a "checked default” on payments. Thus the Eurogroup itself is contradicted, which had presented the swap operation as "voluntary". The new valuation, explains Fitch in a press release, is consistent with the guidelines illustrated last June.
