Amidst ongoing concerns over the Greek economy and the eurozone more widely, credit agency Moody's have cut Greece's credit rating.
Last Thursday, European leaders announced a set of policy initiatives aimed at bringing the eurozone crisis under control, particularly by preventing the spread of the Greek debt crisis to other economies such as Italy and Spain.
Measures for Greece include a debt exchange with private sector lenders. Moody's has responded by cutting Greece's rating, making clear their concern that this distressed exchange is basically synonymous with a default. The rating given is just two notches above a default rating.