Greece: the pleasant surprise of Standard & Poor's
The austerity plan of the Greek government seems credible to Standard & Poor's. The rating agency affirmed the country's rating to BBB +, "she said Tuesday, ending the period of supervision of Greece. It has nonetheless imposed the Greek note a negative outlook.
"We believe that the fiscal consolidation program of the government to ensure sufficient current rating," said in a news analyst Marko Mrsnik. The rating agency Fitch also grants the BBB + debt Greek.
This decision should be the effect of a pleasant surprise in Athens. The agency S & P had in fact announced in February that it intended to degrade in 30 days the Greek notes. Such a measure would have stored the Greek debt in the class of investments called "speculative".
Athens is not provided out of business."Despite the new measures, we believe it will be difficult for Greece to meet its goal of reducing the public deficit to 5.6% of GDP in 2011 and 2.8% in 2012, it does not implement new measures in the coming years, "said Marko Mrsnik. S & P is in fact the government too optimistic when it expects growth of 1.5% in 2010 payday loans . As a result, tax revenues should not be as high as expected.
Change your
The change in tone of the rating agency came after the presentation of new austerity measures in early March. A plan welcomed by the EU markets.Finance ministers of the euro area have also met again on Monday to "clarify the technical arrangements" for any "help coordinate" for Greece, said the head of the Eurogroup Jean -Claude Juncker. No amount has been officially reported, but the figure of 20 billion euros circulating in Brussels.
The Greek prime minister has asked again for his part in the European Union to demonstrate solidarity. "We need the solidarity of Europe to combat financial speculation," he said Tuesday. He said the establishment of a "European Monetary Fund to promote economic growth and competitiveness is necessary.
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'SPECIAL: Greece, a challenge for Europe