Fitch cuts Greece's rating after debt swap deal

The Global Ratings Agency Fitch has cut Greece's rating to 'restricted default' over debt swap deal, Reuters reports.

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Greece meet bailout conditions

Greece's credit rating has been downgraded by the rating agency Fitch to "Restricted Default" after 85% of private investors holding Greek bonds agreed to a cut in their value. It means conditions are now in place for it to receive a £110bn bailout.