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Athens News Agency: News in English, 09-12-22
CONTENTS
[01] Finance ministry on Moody's rating
[02] European Commission quarterly report on eurozone economy: Greece
[01] Finance ministry on Moody's rating
The government is determined to materialise the measures that have been
announced, and is intensifying its efforts for recovery of the Greek
economy, the finance ministry press office said in an announcement on
Tuesday after Moody's Investors Service downgraded Greece's government
credit rating to A2 from A1.
The ministry underlined the fact that Greece's credit rating was
downgraded by Moody's just one level (from A1 to A2), but remained in
the same category (A), and was two levels higher than the ratings
recently announced by two other rating firms (Standard & Poor's and
Fitch).
The ministry statement further noted that the Moody's announcement
acknowledges that the materialisation of prime minister George
Papandreou's recent announcements pave the way to lasting solutions to
the problems of the Greek economy.
[02] European Commission quarterly report on eurozone economy: Greece
Brussels (ANA-MPA) -- The need for immediate introduction of measures
aimed at fiscal stabilisation in the EU member states which have posted
an increase in their state debts and in which weaknesses in the
economies are apparent was stressed, inter alia, in the European
Commission's latest quarterly report on the state of the eurozone
economy.
According to the Commission, fiscal stabilisation is necessary for a
self-sustaining and viable recovery in the eurozone. In that context,
the Commission notes that "the experience of Greece is a source of
serious concern", and that "the Commission will come forward early next
year with recommendations on how to correct the excessive (fiscal)
deficit".
The Commission further grouped Greece with Ireland, Spain, Cyprus,
Malta, the Netherlands, Slovenia and Slovakia as eurozone members in
which increased expenditure is attributed to long-term population
ageing, noting that measures will be required to reduce expenditure. It
noted the need for facing the long-term high cost related to population
ageing with reforms of the pension systems and correction of the fiscal
situation.
The Commission also noted an immediate need for reform of the pension
and health systems in such a way that will not impact the recovery of
the eurozone member states' economies.
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