Ministry of Finance
March 7, 2011
The rating downgrade announced by Moody’s today is completely unjustified as it does not reflect an objective and balanced assessment of the conditions Greece is presently facing. Furthermore, its timing and the multi-notch nature of the downgrade are incomprehensible and raise a number of questions.
Moody’s focuses its analysis exclusively on the downside risks and while mentioning the significant progress Greece has made in the implementation of its fiscal consolidation and structural reforms programme it does not actually incorporate in its analysis and ratings decision their upside impact on the economy.
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