Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

France's top consumer group sues Internet giants

Read more

WEB NEWS

Web users pay tribute to South Korea ferry victims

Read more

AFRICA NEWS

A landslide victory for the 'invisible candidate' in Algeria's Presidential polls

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014 (part 2)

Read more

MEDIAWATCH

Presidential adviser resigns over "shoe-shine scandal"

Read more

#THE 51%

Breaking stereotypes

Read more

#TECH 24

Galaxy S5 v. HTC One (M8): Which is the right one for you?

Read more

FRANCE IN FOCUS

New PM Manuel Valls outlines priorities

Read more

  • Why Syria’s cash-strapped jihadists let hostages go

    Read more

  • Video: Ukraine separatist crisis overshadows Easter celebrations

    Read more

  • The Great War's unsung four-legged heroes

    Read more

  • Divers begin pulling bodies from sunken South Korean ferry

    Read more

  • Ukraine rebels call for Russian troops after deadly clash

    Read more

  • UK’s Hamilton cruises to victory at Chinese Grand Prix

    Read more

  • Freed French journalists arrive home after Syria ordeal

    Read more

  • Syria’s Assad visits recaptured Christian town at Easter

    Read more

  • In pictures: French kite festival takes flight

    Read more

  • Le Pen’s National Front fail to woo Britain’s Eurosceptics

    Read more

  • PSG clinch fourth League Cup title after beating Lyon

    Read more

  • Militants kill Algerian soldiers in deadly ambush

    Read more

  • Scores killed in South Sudan cattle raid

    Read more

  • VIDEO: Anti-Semitic leaflets in Eastern Ukraine condemned

    Read more

  • Bouteflika, the ghost president

    Read more

  • Does Valls’ upcoming Vatican trip violate French secularism?

    Read more

  • Ukraine separatists say ‘not bound’ by Geneva deal

    Read more

  • Abel Ferrara’s hotly awaited DSK film to premiere on web

    Read more

  • Obama signs bill to block controversial Iran diplomat from UN post

    Read more

  • Astronomers discover Earth-like planet that could support life

    Read more

  • In pictures: Iranian woman pardons son’s killer at the gallows

    Read more

Europe

EU commissioner attacks Moody's over Greek downgrade

©

Text by News Wires

Latest update : 2010-06-15

The EU’s top economic commissioner has attacked the US-based rating agency Moody's for cutting its sovereign debt rating for Greece to 'junk' status, telling a European Parliament debate that the decision was “surprising and unfortunate”.

AFP - The European Union's top economic commissioner Olli Rehn criticised US-based rating agency Moody's on Tuesday for slashing its sovereign debt rating for Greece to 'junk' status.

Rehn told a debate in the European parliament that the decision to cut Greece's rating was both surprising and unfortunate at a time when EU and IMF auditors were taking a hard look at the country's attempts to slash its debt.

The agency said that considerable uncertainty about Greek plans, even with the help of an EU-IMF bailout package, to reduce its huge debt and balance its finances justified the ratings cut by four notches from A3 to Ba1.

"This uncertainty represents a risk that leads Moody's to believe that Greece's creditworthiness is now consistent with a Ba1 rating, a rating which incorporates a greater, albeit, low risk of default," Moody's said.

As bond yields -- the rate of return -- moved higher, Athens swiftly rejected the verdict, saying the government had taken major steps to balance its books.

The downgrade means some investors will no longer be allowed to buy Greek debt under the terms of their investment mandate and could lead to still higher borrowing costs for Athens if it goes to the markets for cash.

Date created : 2010-06-15

  • GREECE

    Moody's downgrades Greece's sovereign rating to 'junk' status

    Read more

  • FRANCE

    Parliament votes to guarantee euro bailout fund

    Read more

  • EUROZONE

    First EU loan of 14.5 billion euros handed to Greece

    Read more

Comments

COMMENT(S)