Euro Tumbled on Greece Downgrade, EUR/CHF to Make New Record Low Euro attempted a recovery last week as the drama on Greece continued. There were talks of "reprofiling" or "soft restructuring" of Greece debt as well ECB's opposition to such an idea. However, the common currency failed to sustain gain and was sold off sharply on Friday on fresh downgrade in sovereign debt ratings. Fitch downgraded Greece's rating by three notches from BB+ to B+, four notches below investment grade. Fitch warned that any move to extend the maturities of Greece bonds is considered a "default event" while the current B+ ratings incorporates expectations that "substantial new money" will be provided to Greece by the EU and IMF. Besides, Norway, Iceland and Liechtenstein froze payment of altogether 235m kroner of European Economic Area grants to Greece as it's "unclear whether the money already transferred to the Greek authorities was forwarded to the appropriate recipients." Full Report Here... | 
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