“Sanwa Holdings” has told clients that there is virtually “no chance” that Greece will avoid default.

The firm told clients that continued disarray among European officials over whether or not to give the embattled country the next tranche of bailout money had left investors fleeing to the safety of low-risk assets like treasuries and precious metals.

Simon Jackman equities director for “Sanwa Holdings” said, “It’s Lehman’s all over again but this time, in slow motion.”

The Asian investment boutique released its stark statement moments before credit ratings agency, Moody’s Investor Services downgraded Italy’s debt three notches to A2 from Aa2 and placed a negative outlook on the Eurozone’s third largest economy.

“Sanwa Holdings” believes that the seemingly endless bickering and in-fighting amongst the 17-member trading bloc has resulted in a significant loss of confidence that Greece could, indeed, avoid default.

The firm is advising clients to continue investing in precious metals and to continue eschewing the US dollar. It says that the current volatility in prices would subside as the global economic picture deteriorated and forced central banks and governments to intervene.