Standard and Poor's lowered its outlook on Greek debt from stable to negative. The decision came due to delays in the implementation of the plan of cuts and reforms negotiated by Athens with international creditors.
The agency maintained the Greek rating at CCC, however they underlined that a further rating cut is possible due to the worsening economic situation. According to S&P, Athens could be forced to ask for additional financial aid of 7 billion dollars. The most imminent deadline for the Greek government is next August 20: in two weeks Athens will have to repay 3,2 billion of debt to the ECB which it currently does not have.
Yet a few days ago good news had arrived from the Peninsula. Troika experts (EU Commission, International Monetary Fund and European Central Bank) have expressed a favorable opinion on the 11,5 billion euro austerity plan established by the Greek executive "in line with the targets of the adjustment programme".
On August 24 and 25, Prime Minister Antonis Samaras will meet German Chancellor Angela Merkel and French President Frnçois Hollande to discuss a possible renegotiation of the terms of the bailout.
