The Greek Finance ministry on Wednesday termed the decision taken by the Moody's firm to downgrade Greece's credit rating as being affected "by the intense rumours in the printed and electronic press," adding that "it is overlooking the government's commitments to achieve the fiscal target for 2011, as well as to speed up the privatisations programme."
"It is noteworthy that the firm recognises the country's efforts, but at the same time it procceeds with downgrading, waiting for the implementation of these commitments to proceed with upgrading," a ministry announcement said.

The Finance ministry also said that "the government has already achieved considerable fiscal targets and in the coming days it will be tabling the Medium-Term Fiscal Strategy Programme in Parliament with which it will be undertaking even more specific commitments."