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Ratings agency forecasts default in Greece

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The track record of the ratings agencies has been poor, but they are right on this call. It is obvious that a Greek default is “highly likely in the near term” as Fitch says.

“In Fitch's opinion, the exchange, if completed, would constitute a 'distressed debt exchange' (DDE) in line with its criteria and consequently yesterday's announcements set in motion the agency's process for reviewing Greece's issuer and debt securities ratings,” Fitch said in a statement.

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