Greece Eurozone exit averted; Fitch reverses India outlook to negative
June 18, 2012 | Duration: 2 min, 51 sec
Ratings agency Fitch on Monday downgraded India's growth outlook to negative, citing "heightened risks that India's medium- to long-term growth potential will gradually deteriorate if further structural reforms are not hastened". RBI leaves its key interest rate unchanged Monday due to inflation concerns. Meanwhile, arriving in Mexico for the crucial G-20 summit, Prime Minister Manmohan Singh said that the world economy is in "deep trouble" and hoped that the grouping of developed and developing countries will come up with constructive proposals to pull the world out of this crisis. A Greek tragedy of an Eurozone exit is temporarily averted as the center-right New Democracy party seeks to form a coalition with other parties backing the international bailout.