Greek gov't reacts to Fitch's decision

The Greek Finance ministry on Friday reacted to a decision by Fitch Ratings to downgrade the country’s credit rating by three notches to B+. In an announcement, the ministry said that Fitch’s decision came in a period when the government’s economic program was assessed by the European Commission, the European Central Bank and the International Monetary Fund, while it stressed that the decision was affected by intense speculation in newspapers and internet news sites.

“It failed to see additional commitments taken by the Greek government, to achieve its fiscal goal for 2011 and to accelerate a privatization program. Policies to implement these commitments will be announced following completion of the Greek program’s assessment,” the ministry said.

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