Greece: Athens credit rating agencies are under pressure – SPIEGEL ONLINE

Greece: Athens credit rating agencies are under pressure – SPIEGEL ONLINE

London – The new Greek left-right government gets from all trouble: Because of its confrontational stance against international donors downgraded the credit rating agency Standard & amp; Poor’s (S & P) the credit rating of the country from B to B-, such as S & P announced in London. In addition, S & amp threatens P the country shortly with further credit rating downgrades. The grade is therefore deeper in the so-called junk area. No other country in the euro zone by S & amp; P so poorly rated.

Also, the S & amp; P rival Moody’s threatened Greece with a credit downgrade. The current credit rating of Caa1 had been placed under surveillance, said Moody’s. The agency justified the move with the uncertain progress of the talks on the terms of auxiliary programs for highly indebted country. The Moody’s rating is already one step worse than the S & amp; P. The more critical the rating agencies evaluate the creditworthiness of a country, the more difficult and expensive it is to get a rule, new money on the capital market.

The new government in Athens calls for a renegotiation of austerity and reform programs that have saved from bankruptcy European partners and the International Monetary Fund (IMF), Greece. In contrast, the partners insist on compliance with the agreements reached so far. Greece has around € 320 billion debt. If the end of this month expires the existing EU aid program, the coffers of the country and its banks could empty quickly.

The period during which the new Greek government could reach an agreement with its lenders, has, according to S & P lowered. It justifies this with the liquidity problems of the country.

The ECB had tipped a special on Wednesday and the already ailing Greek banks impedes access to financial resources. Greek government bonds can not be used as collateral for ECB loans from 11 February as a review of the previous program was no longer possible. This ECB decision is expected According to S & P lead to further capital outflows, weaker tax revenues and declining investment. These problems have now loaded the Greek economy.

The Greek banks will now receive emergency loans, although the Greek central bank. These so-called Ela loans should according to S & P, however, the end of February will be completed by the ECB, if there is no new program.

The move by S & amp; P is exceptional. The next review stood at only 13 March. Credit rating agencies may change the rating outside of predetermined events only in exceptional circumstances. On March 13, it could then lead to a further downgrade.