Moody's Investors Service yesterday downgraded Greece's credit rating to non-investment grade or junk following Fitch and S&P ratings which also downgraded Greece to junk. Greece was downgraded to Ba1 from A3 while saying there were economic growth risks as a result of the austerity measures that were provided from the EU and IMF worth 110 billion euros.

Despite the ongoing measures, Greece has been taking to narrow the deficit which stood at 13.6% of last year's GDP, still their fiscal position is resulting for their credit ratings to be downgraded. The government has already reduced spending, raised taxes and cut back wages, as they stated that they will bring the deficit down to 8.1% of GDP this year.