Moody's Downgrades Greece To Caa1 From B1, Negative Outlook
02 June 2011
Moody’s downgraded Greece’s debt rating by more then three notches and said their risk of default is around 50%. The ECB and IMF are said to be in discussions with Greece and investors on rolling their current debt obligations. The EUR/USD has dropped from recent highs of 1.4450 to 1.4320 this morning.