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Fitch cuts Greece’s sovereign debt rating

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by Kay Mitchell
Fitch cuts Greece’s sovereign debt rating

Credit rating agency, Fitch, has cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative outlook.

Greece, which is the euro zone’s weakest economy, has the highest debt of the 16-member bloc and the downgrade comes after recent warnings by two other agencies that they were considering such measures.

The news of the downgrade had a negative impact on European markets and Greek shares plunged 6%.

Fitch cited fiscal deterioration as the reason for the downgrade and highlighted a lack of confidence in the way the economy was managed.

Greece’s finance minister, George Papaconstantinou told reporters in Athens today that the downgrade reflects a lack of credibility.

Last month, Mr Papaconstantinou said the Government was working to slash Greece’s ballooning budget deficit and Government debt, however, he ruled out seeking bailout funds from the EU.

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News posted: December 8, 2009

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Tags: , , , , George Papaconstantinou, , negative outlook, sovereign debt rating, weakest economy

 

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