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Glenisk: Winning with organic food
Gerard Cleary of Glenisk, winners of the SFA National Small Business Awards 2010 talks about the growth of the Offaly-based company
Greece warned over credit rating

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Leadership

Greece warned over credit rating

08.12.2009
Greece has been warned that it may have its credit rating cut as concerns grow over the country’s debt.

Global credit-rating agency Standard & Poor’s (S&P) has placed Greece on negative credit watch, citing the state’s fiscal consolidation plans which it says are “unlikely to secure a sustained reduction in fiscal deficits and the public debt burden”.

This means the Mediterranean country is in danger of losing its A- rating over the coming months.

S&P said that if Greece does not reign in its sovereign debt, the country’s debt burden could reach 125pc of GDP in 2010.

Speaking yesterday to the European Parliament, ECB President Jean-Claude Trichet described Greece’s budget position as “very difficult”. This, he said, would mean the Greek Government would have to take “very difficult, very courageous but absolutely necessary measures”.

Greece’s financial position is even more precarious than Ireland. The country received a sharp rebuke from the European Commission last month in its examination of the budget deficits of EU states.

The Commission concluded that while countries such as Ireland and Spain were taking “effective action” to reduce to size of deficits, Greece was not.

Greece’s budgetary position in 2009 has deteriorated to -12.7pc of GDP, according to the Commission’s autumn forecast, versus the -3.7pc committed by the previous government.

This deterioration, the Commission said was “mostly the result of an insufficient response by the Greek authorities”.

 

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