Moody's cuts credit rating on Greece's debt

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The Independent Online

Greece's credit rating has been cut to A3 by Moody's Investors Service.

Estimates for Greece's public borrowing this year have jumped and strikes have undermined faith in the government's ability to deliver its austerity plans.

Moody's said: "It is unlikely that the rating will remain at A3, unless the government's actions can restore confidence in the markets and counteract the prevailing headwinds of high interest rates and low growth."