The Greek Finance Ministry has criticized the international ratings agency Fitch for downgrading the country's credit to a junk status.

Earlier on Friday, Fitch downgraded the country's credit rating by three notches to "B+" with a negative outlook, following Standard and Poor's and Moody's recent similar downgrades of the Greek economy. Fitch has warned that without a "credible" EU-IMF bailout program, Greece will probably be forced into default. Greece's borrowing rates spiked to new highs on the news.

Rates on the nation's 10-year bonds hovered around 17 percent, a sign that investors believe Greece may not repay its debt.Pressure has mounted on Greece and its foreign lenders recently for supplementary actions to tackle the debt crisis.