Fitch Ratings downgraded the foreign currency issuer default, and long-term local Greek farther, to CCC from B + previously.
Short-term foreign currency of Greece was also downgraded to C from B. Fitch said the downgrade reflects the absence of the European Union's new program-the IMF which are fully funded and credible to the Greeks.
Other causes are the increasing uncertainty about the role of private creditors in future funding, as well as the weakening macroeconomic outlook for Greece.
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