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Greece has suffered its fourth ratings downgrade this week, as Moody’s investors service slashed the country’s rating from Caa2 to Caa3, or just above default.

The agency said Wednesday Greece was likely to default on its remaining privately held debt due to its impasse with lenders.

“Events of recent months have illustrated the distance between what Greece’s official creditors will demand as a condition of continued support over the coming years, and what Greece’s institutions are able to do to meet those demands,” it said.

“This creates significant difficulties for the achievement of a long-lasting support agreement,” it added.

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