Private investors will stand by a pledge to take part in a second Greek debt bailout regardless of rating agency warnings they will downgrade the country as a result, a press report said Monday. Charles Dallara, head of the International Finance Institute (IIF) which negotiated the banks' involvement in the rescue, told Greek daily Kathimerini that the top three ratings agencies were positive on the accord overall.
Asked by the English-language daily if a default rating would affect the bailout process, Dallara said: "No and it is actually encouraging for us that all three international rating agencies have acknowledged that in the future the agreement will be able to augment the potential for growth and the sustainability of the Greek debt.