Greece woes 'unlikely to result in euro meltdown'

Credit rating agency Moody's has issued an assurance that the possible downgrading of Greece's currency does not mean a euro meltdown will follow.

There have been fears that the Mediterranean country's financial worries would have a substantial affect on the single currency zone.

But Moody's senior vice president Kristin Lindow said: "Spain, Portugal and Greece may share the same currency, but they do not display the same credit profile."

She added that, while Greece's position was precarious, the creditworthiness of Spain and Portugal remains safe in the short-term.

However, she did warn that the debts and actions of Spain, Portugal and Greece, which are all suffering from substantial financial difficulties, would have a ripple affect.

Ms Lindow said: "[They] are also likely to affect the economic and fiscal fates of their European partners, the eurozone itself and other highly-rated countries elsewhere in the world."