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US Default vs. Downgrade: Analyst

Wednesday, 27 Jul 2011 | 5:00 AM ET

"In terms of where we are now, I would still agree with everybody else that it's unlikely that we get to a technical default," John Authers, head of the Lex Column at Financial Times told CNBC. "But it seems to me more than 50 percent likely that we will get a downgrade (of the United States' credit rating)," he added.