July 27, 2011 – NEW YORK (Reuters) - Standard & Poor's on Wednesday cut Greece's sovereign credit rating further into junk territory, lowering it to CC from CCC, saying the European Union's proposed debt restructuring puts the country into a "selective default."
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Euro zone leaders agreed on a second, 109 billion euro ($158 billion) package for debt-stricken Greece last Thursday.
The outlook on the debt is negative, S&P said in a statement.
(Reporting by Daniel Bases and Caryn Trokie, Editing by Chizu Nomiyama)