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Martin Koehring, economist at the organisation, suggested there are two further nations aside from Greece that look like being in trouble.
"It is likely that other eurozone countries such as Italy and Spain will also have their credit ratings downgraded by Moody's and other sovereign credit rating agencies," said Mr Koehring.
He explained that both countries have negative outlook ratings and pointed out that sovereign debt downgrades often make the situation worse for the countries in question, particularly since they tend to happen after a series of delays, stalling recoveries.
The analyst described how such downgrades are a lagging indicator.
His comments were made in response to remarks by Greek finance minister Evangelos Venizelos, who suggested a deal could be made at today's (July 21st) emergency summit of EU leaders.
Posted by Greg Secker
