30 March, 2011
Addressing the Socialist and Democratic MEPs’ conference yesterday in Athens, Prime Minister George Papandreou stressed the need for a new model of growth, cooperation and governance within the European Union, adding that Europe must become more democratic in order to tackle its problems.
"We have seen the rating agencies go from the bubble of euphoria to the panic of risk" Papandreou said, reminding that the same agencies rated positively toxic bonds which created the current international economic crisis. He also underlined that Greece was downgraded not because of what it is doing but because of an unbalanced assessment of the recent decisions made at the European Council of March 25.
Meanwhile, in a press release issued yesterday
, the Finance Ministry says "S&P’s downgrade is based on a one-sided and unjustified assessment of the European Council’s decisions and the budgetary risks facing Greece, without giving due weight to the actions the Greek Government is taking to address these risks."
Source: GREEK NEWS AGENDA issued by the Secretariat Genera