Greece's economy receives a new blow

The downgrading of Greece’s credit ratings to “B”, was announced at noon on Monday by Standard & Poor’s. The rating house warned about a further downgrade, according to many foreign media.

In particular, S&P downgraded the country’s long-term rating from “BB-“ to “B”, the short-term rating from “B” to “C” and has kept the country in its CreditWatch list, with obvious negative implications. The downgrade came after the Eurozone creditors' notes on an extension of the 80 billion loan repayment, as stated by the firm.

The decline initially caused a drop of 2.36% in the ASE, which was swiftly followed by several buys, resulting in the General Index’s reduction by 0.32% at 1365 units. The abrupt turn provided fertile soil for quick profits. The National Bank of Greece is at 4.79 euros, recording a 2.64% drop.

The Ministry of Finance released a statement : “Standard &Poor’s assessment comes at a time where no information or decision can be used as an excuse to negatively impact our country’s situation, compared to the firm’s previous assessment of our credit, a month ago. The decisions of credit rating firms should be predicated on evidence and decided upon based on real assessments as to the viability of each economy. The validity of their rating is questioned when it is based on evidence beyond that which is deemed acceptable”