Financial News: Finance ministry on decision by Standard & Poor's

The Greek Finance ministry stressed on Monday that the downgrading decision taken by the Standard and Poor's firm to cut its credit rating from "B" to "CCC", overlooked both the deliberations taking place by the EU, the ECB and the IMF, on the finding of a viable solution, and the efforts of the Greek government to continue unwaveringly its commitments on achieving its fiscal targets.
The ministry's announcement reads as follows: "The downgrading decision by the Standard and Poor's firm is taking place in the midst of strong rumours and statements (to which it also refers) by representatives of the EU and the ECB. It overlooks the intense consultations within the European Commission, the European Central Bank and the International Monetary Fund on the finding of a viable solution, that permits the continuing financing of our country and the coverage of its borrowing needs in the coming years.
"The decision also overlooks the government's moves, so that whatever problems will be avoided in relation to the contractual obligations of Greece, as well as the will of all us Greeks to plan our future in the Eurozone.
"The Greek Government has already achieved considerable fiscal targets and has tabled in Parliament the Mid-Term Fiscal Strategy Framework, which is expected to be ratified by the end of June, and with which it assumes even more specific commitments with the target of continuing the fiscal effort, as well as the releasing of the creative forces in society. In any case it remains steadfast on the path that it has set for the rescuing of the country."

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