China alert as Greece downgraded

The National Tuesday 14th June, 2011

previous photo China issued a stern warning about Europe's deepening debt crisis yesterday after Greece was given the lowest credit rating of any country ranked by Standard & Poor's, the global credit rating agency. The Greek situation "could continue to weigh on Europe's economic crisis", the Chinese central bank said in its annual financial stability report. "There is a possibility that the sovereign debt crisis will spread and deteriorate." That assessment came as Greece's economic woes worsen and debate over a second bailout for the country reaches an impasse. Finance ministers held emergency meetings yesterday in Brussels to discuss Greece. They are expected to finalise a plan for the country at an EU leaders' summit next week. S&P downgraded Greece to "CCC" late on Mon...

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