Greek PM renews attack on credit rating agencies over new downgrade of Greece by Standard and Poor's

13:43, March 30, 2011      

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Greek Prime Minister George Papandreou (L) attends a press conference for the meeting of the Progressive Alliance of Socialists and Democrats of the European Parliament in Athens, capital of Greece, March 29, 2011. Papandreou renewed his attack on international credit rating agencies Tuesday after the new downgrade of Greece's credit rating by Standard and Poor's. (Xinhua/Marios Lolos)

Greek Prime Minister George Papandreou renewed his attack on international credit rating agencies Tuesday after the new downgrade of Greece's credit rating by Standard and Poor's.

The agency slashed once again the country's rating by two notches to BB- from the previous BB+ Tuesday, arguing that Greece will most probably need more foreign aid eventually to overcome an acute debt crisis which led it to the brink of default last spring.

"The decision on Standard and Poor's does not reflect the efforts we make to put our finances in order," said Papandreou during a press conference held in Athens for the meeting of the Progressive Alliance of Socialists and Democrats of the European Parliament.

With the group's head Martin Schulz by his side, the Greek Premier and Socialist International leader repeated strong criticism against rating agencies, "which went from the bubble of euphoria to the panic of risk."

International rating agencies reflect the systemic flaws of the European common currency, Papandreou and Schulz acknowledged. But they also make markets panic without proper justification sometimes, the Greek PM stressed.


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