On Friday, Greece was hit by yet another financial worry after Fitch Ratings decided to pull down the country's rating because of the debt that it currently holds and growing concerns about the Government's ability to effectively handle the huge amount of money owed.

Fitch, which is one of the world's three biggest rating agencies, downgraded Greece's rating by as much as two whole notches to BBB- and stressed that the outlook on the country has continued to remain negative.

The fall in rating means that Greek debt now remains investment grade, but barely so. Another downgrade would end up putting the country's debt at junk status, which is quite an embarrassing position to be in for a country which uses the Euro.

Fitch has shared that the latest slash in rating is reflective of "the intensification of fiscal challenges" after more adverse prospects for growth of the economy and increased interest rates. On Thursday, Greece's borrowing costs rocketed higher as concerned bond investors fretted about the likelihood that Greece could default on its high debt.