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Moody's punch rattles markets

business Updated: Jun 15, 2010 21:57 IST

A recovery in stocks and the euro fizzled out on Tuesday after Moody's downgraded Greece to junk status, reigniting anxiety about Europe's debt crisis.

Moody's slashed Greece's rating by four notches, citing "macroeconomic and implementation risks" in the country's draconian austerity programme and reviving persistent doubts about Greece's ability to repay its debt.

But the yen, seen as a relatively safe bet when riskier assets retreat, gained ground.

The dollar was down 0.4 per cent at 91.22 yen.