The world's largest rating agency Moody's has revised downwards Greece’s long-term deposit ratings. According to new data, this local and foreign currency bank deposit ceiling was downgraded to “Caa1” from “Ba3”. It is also reported that the short-term rating remains unchanged at “Not Prime” (NP). The local and foreign currency bond ceilings were also kept at “Ba3/NP”. Moody's experts announced in their statement that the reason for such a decision was based on the fact that Greece’s sovereign rating has been under review since February 06, 2015. The possibility of its further downgrade is being considered. Recently, another round of talks between Greece and creditors overseeing the implementation of the bailout program has been completed. Eurozone finance ministers came to the conclusion that most of the work required to secure desperately needed funding for Athens has not been done yet. Negotiations with representatives of the European Commission, the European Central Bank and the International Monetary Fund were to end in an agreement on the measures Greece had to carry out to get more funding. Without the money and rise in tax receipts, the Greek government risks running out of all the reserves within a few weeks. Greece’s Finance Minister Yanis Varoufakis called the talks “a decisive step” towards the successful completion of the agreement by the government.
