Ten MPs from the Greek ruling Socialist party
Pasok urged the government on Wednesday to sue ratings agency Moody's for slashing the country's credit rating by three notches on Monday, pushing borrowing costs even higher. After a raft of media and official criticism of the Moody's move, the lawmakers said the downgrade to "highly speculative" status was undermining the country's fiscal efforts and threatening economic recovery in Europe.
"The specific action ... puts the Greek people's sacrifices at risk," the lawmakers said in a written motion to Finance Minister George Papaconstantinou.
Prime Minister George Papandreou has repeatedly called on the European Union to tighten regulation of credit rating agencies, which cut Greek bonds to "junk" status after the country's debt crisis erupted at the end of 2009.
Moody's on Monday cut Greece's rating to B1, lower than Egypt, citing risks to the country's programme of fiscal cuts.
Moody's move drew an angry response from the government, which called the action "completely unjustified". Government officials would not comment on the lawmakers' motion.
source: .financialmirror.com
