ATHENS: Most top credit rating agencies say they would not cut Greece’s rating to default if it misses a payment to the International Monetary Fund or European Central Bank.
This stance could keep vital ECB funding flowing into the Greece financial system. Greece owes nearly €1 billion to the IMF in May and almost €7 billion to the ECB over July and August and there are concerns that the government, stuck in funding talks with official lenders, will miss the payments. This would be an unprecedented move that could put Athens’ future in the euro in doubt.
