World Bulletin / News Desk
Ratings agency Standard & Poor's on Tuesday revised Greece's outlook to negative, saying the debt-ridden euro zone country could need more help from its international creditors.
"Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program," S&P said in a statement.
"We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program," S&P said.
Greece is behind on targets agreed under a 130 billion euro financial rescue package.
The resumption of bailout funding hinges on a progress report by the EU, IMF and European Central Bank inspectors, which is not expected before September.
"We see the likelihood of shortfalls, owing to election-related delays in the implementation of budgetary consolidation measures for the current year, as well as the worsening trajectory of the Greek economy," S&P said.
The ratings agency said it sees the Greek economy shrinking by 10 percent to 11 percent, cumulatively, during 2012-2013.
S&P also affirmed Greece's CCC rating, which is already well in speculative territory.
Moody's Investors Service rates Greece C, and Fitch rates the country CCC
Expected strong economic expansion across the world will also underpin industrial and construction fuel demand, the cartel said.
BIST 100 index goes up 0.21 pct, US dollar/Turkish lira stands at 3.83 while euro/Turkish lira rate rises to 4.51
Consumer Prices Index yearly rate at 3.1 percent in November, Office for National Statistics says
International Peace Research Institute says sales by Turkish companies rose in 2016, growing 27.6 pct
Economists predict current account deficit ahead of Monday's expected announcement
Economists predict growth of 9.2 pct for the third quarter of 2017 in Turkey
BIST 100 index up 0.35 pct while US dollar/Turkish lira and euro/Turkish lira rates stand at 3.87 and 4.55, respectively
Industrial output in October increases by 7.3 pct year-on-year, official data show
It struck a new high of $15,242.99 around 1030 GMT, according to Bloomberg News.
The IMF report comes a day after regulators in Beijing drafted new rules to strengthen bank funding, and follows a number of alerts about a ballooning debt problem in the world's number-two economy.
It touched a new high of $14,485 before slipping back to $14,398 in Asian afternoon trade, according to Bloomberg News.
BIST 100 index starts day up 0.64 percent; USD/TRY rate falls to around 3.86
BIST 100 index drops 0.20 pct to open at 103,350.58 pts; U.S. dollar/Turkish lira exchange rate goes up to 3.94
November's annual rate up from 11.90 percent in October, according to official data
Investors’ attention to be dominated by November inflation statistics