The Greek Finance Ministry on Friday criticized Fitch Ratings for further downgrading its sovereign rating by one notch, from BBB- to BB+, with negative outlook.
The progress in fiscal consolidation and structural reforms that determine the medium-term sustainability of the Greek debt has been recently positively assessed by the
European Commission, the European Central Bank and the International Monetary Fund (IMF) , the ministry said in a press statement.
"Based on this assessment, the new credit downgrading underlines the need for a new framework for rating agencies at a European level," it stressed.
The downgrade by Fitch is based on the agency's assessment of the fragility of the medium-term sustainability of public debt and uncertainty on Greece's access to markets, growth rates during 2011 and a "lack of clarity" as far as Greece's support in the future by the European mechanisms is concerned.
"The determination by which the fiscal consolidation in the Economic Policy Program is pursued, the reforms already implemented, those underway and the forthcoming extension of the repayment of the loan, all suggest that the rating decision cannot be justified on the basis of objective data for Greece," it said.
"At the same time, the decision underscores the need to swiftly arrive at the necessary decisions at European level in order to complete the coordinated response to the current crisis," it said.
The progress in fiscal consolidation and structural reforms that determine the medium-term sustainability of the Greek debt has been recently positively assessed by the
European Commission, the European Central Bank and the International Monetary Fund (IMF) , the ministry said in a press statement.
"Based on this assessment, the new credit downgrading underlines the need for a new framework for rating agencies at a European level," it stressed.
The downgrade by Fitch is based on the agency's assessment of the fragility of the medium-term sustainability of public debt and uncertainty on Greece's access to markets, growth rates during 2011 and a "lack of clarity" as far as Greece's support in the future by the European mechanisms is concerned.
"The determination by which the fiscal consolidation in the Economic Policy Program is pursued, the reforms already implemented, those underway and the forthcoming extension of the repayment of the loan, all suggest that the rating decision cannot be justified on the basis of objective data for Greece," it said.
"At the same time, the decision underscores the need to swiftly arrive at the necessary decisions at European level in order to complete the coordinated response to the current crisis," it said.
Source:Xinhua
