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OECD finds tax cuts linked to pandemic helped reduce wedge on labour
Reopening of 7-year bond affirms tougher conditions on sovereign debt market
S&P moves Greece closer to investment grade, puts focus on budget and growth
BoG: Growth could be 2 pts lower than expected, inflation may reach 7 pct
S&P lowers Greek long-term rating by one notch to CCC-
S&P lowered on Monday Greece’s long-term rating by one notch to ‘CCC-‘ from ‘CCC’ with negative outlook. Greece’s rating by S&P is now the lowest among the rating agencies with Fitch’s rating at ‘CCC’ and Moody’s at ‘Caa2’, which is equivalent to ‘CCC’.
Moreover, the rating agency stresses that the deviation also reflects further deterioration (since the last rating action) of Greek banks’ liquidity, which led to the imposition of capital controls.
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