(VOVworld) – Standard and Poor’s Ratings Services (S&P) lowered its sovereign rating on Greece to “CCC minus” from “CCC”, saying the possibility of Greece exiting the Eurozone was now at about 50 per cent.

Demonstrators gather to protest against the European Central Bank's handling of Greece's debt repayments, in Trafalgar Square in London, Britain, June 29, 2015. (Photo: Reuters)

In a statement on Monday, S&P said that a referendum on renewing proposals with its creditors meant that the Greek government prioritised politics over financial and economic stability, including debt repayments and its Eurozone membership. The statement indicated the impasse in negotiations between the Greek government and its creditors, as the latter implied that Athens couldn’t repay its debts before the deadline of June 30^th, including 1.5 billion EUR to the IMF.