euro area financing needs

Currently, Greece's sovereign credit rating has reached the world's lowest, behind Ecuador, Jamaica, Pakistan and Grenada.

S & P said in a statement: "The downgrade reflects our a view that is based on our full and timely repayment of the relevant standard definition, one or more times the probability of default increased significantly, while Greece can full and timely repayment to official creditors, to fill the funding gap will emerge from the efforts made by relevant. "

Said in a statement: "Given the rise in Greece within the euro area financing needs and requirements of the policy position of political inconsistency, for Greece, the European Union and the International Monetary Fund (IMF) loan program is increasing the risk of being executed." Standard & Poor's further stated that : "We are rating the Greek" negative "outlook that if Greece debt restructuring activities of one or more, or extend the terms of debt maturity, constitutes our definition of bad debt conversion, then we may cut its rating to "SD". "

In addition, Standard & Poor's believes that the Greek in 2014 need 153 billion euros (about 220 billion U.S. dollars) in funding for the extension of debt maturity, while Greece in 2012 is unlikely within the time or more in financing from the market .

The S & P downgraded Greece's sovereign credit rating, the same day the Greek 10-year bond yields rose the second time this year, more than 17%.

Standard & Poor's rating of the Greek Ministry of Finance after the decision in a statement that "while the Standard & Poor's decision to ignore the Greek government tried to avoid the problems of any contractual obligations to the Greek effort, and all the Greeks for their own future in the euro zone will continue to plan. "