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Athens News Agency: News in English, 09-12-22

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

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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