Moody's declared insolvent Greece
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Moody's declared insolvent Greece

Athens : Greece | Mar 10, 2012 at 3:21 PM PST
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On 10.3, AFP led the company's statement credit rating leading Moody's said that Greece fell into bankruptcy, despite the country recently received new support. Earlier, the Greek Ministry of Finance announced the private creditors, accounting for 83.5% of the debt, agreed to reduce 107 billion euros. Creditors will receive a new bond debt with a lower value and long repayment period. The International Monetary Fund also announced plans to support 28 billion euros for Greece, part of a bailout package Monday for the country.

Meanwhile, Moody's confirmed the reduced value and long repayment period be considered insolvent. The company also cut the level of confidence for Greece is the lowest level "C" and the country was seen as no longer "weight" on the charts. Until now, Greece and the EU has not given reaction of Moody's decision.

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Greece needs more than 20 billion euros  by May to avoid defaulting on old debts
Greece needs more than 20 billion euros by May to avoid defaulting on old debts
Le Thi Bich Lan is based in Vũng Tàu, Đông Nam Bộ, Vietnam, and is a Reporter for Allvoices.
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