S&P downgrades Greece outlook
2012-08-08 14:36:42
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.