Moody’s on Tuesday again rang “warning bells” for crisis-battered Greece, saying the likelihood for a country leaving the Euro zone is “very low”, aside from the east Mediterranean country that remains in recession.
The latest Moody’s report comes a day after the international ratings and investors’ service said the continuing outflow of deposits from Greek banks is a credit negative development.
According to Moody’s, “…Any exit from the European single currency would be an existential moment for the euro area and would demonstrate conclusively that the currency union was not indivisible … The exit risk is reflected both in Moody’s euro area bond ratings and euro area country ceilings, which capture risks affecting a given country that arise from political, institutional, financial and economic factors either within that country or externally.”
