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Moody's Investors Service said it may still downgrade Portugal's ratings and that its investment grade rating of Greece could fall as low as junk.
Investors did not rule out the possibility of a further debt restructuring for Greece if the country cannot repay its loans in two or three years' time. Banks are also forecasting a further slide for the euro against the dollar. "This could buy the euro some time but won't, in our view, stop a slide in euro-dollar to 1.15 by year-end," said Steven Barrow, head of G10 strategy at Standard Bank.