John Psaropoulos reports on Greek debt

Al Jazeera English 2012-07-26

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One nation that didn't have its rating cut is Greece which is already at junk bond status. Now talks that could have seen banks write-off half of Greek debt, have broken down. The government had been negotiating the possibility with its private sector lenders.

Failure to reach an agreement means Greece may not get its next bailout payment from the EU and IMF, and could default on its debt repayments.

Al Jazeera's John Psaropoulos reports from Athens.
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