Greece debt cut by Moody's to 'highly speculative'

  Moody's doubts the Greek government's ability to implement unpopular austerity measures quickly enough

Moody's has downgraded Greece's debt to 'highly speculative' prompting an angry response from the finance ministry.

Greek bonds fell after the rating agency cut its rating from Baa1 to Ba1.
Moody's cited "endemic tax evasion", "very ambitious" austerity plans, and the possibility that the EU may force a debt restructuring on Greece after 2013 as reasons for its decision.
Greece's finance ministry said the move was "incomprehensible" and called for tighter regulation of rating agencies.