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Fitch downgrades Greece
The airline's consortium of 16 lenders, which includes SBI, have been studying a debt-restructuring proposal shared last week.
22 Feb 2012, 07:39 PM IST 
A model poses with Samsung Electronics' new smartphone Galaxy S II at the company's headquarters in Seoul
Fitch ratings agency says it has downgraded Greece further into junk status, from 'CCC' to 'C' following the announcement of the details of the country's debt swap deal with private creditors. The agency said today the downgrade indicated "that default is highly likely in the near term."
In June, the agency had said it would consider Greece to be in restricted default if the bond swap deal went ahead. The bond swap deal with private creditors will see a $141 billion of Greece's debt held by banks and other private holders of government bonds written off.