Athens, Greece - rank of The Fitch ratings agency downgraded Greece by three debt encoches still in status junk Friday, another blow of indebted countries which has seen its rate of borrowing spike of new records.
Fitch cited problems with the implementation of the Greece of essential economic reforms, said that European officials are delay and must be expanded.
The downgrade "reflects the magnitude of the challenge to the Greece to implement a program of tax reforms and radical structural necessary to secure State solvency and the foundations for sustainable economic recovery", said the Agency.
He cut the sovereign rating to long-term Greece B + BB + - a blow which has criticized the Government as having been influenced by rumours of media and has failed to consider the additional commitments Athens did.
Many said the magnitude of the debt of the Greece, which stood at about euro342 billion ($488 billion) in 2010, combined with a budget deficit of 10.5% of the GDP, means that the country will have finally to the restructuring of its debt - pay creditors unless the amount in full or later.
Senior European officials agree on if it is a viable option. The European Central Bank opposes the idea, with Economist Chief Juergen Stark indicating the ECB would cut the Greek credit emergency support banks if that had happened.
His comments contrasted with those of other senior officials of the European Union, who said that they would not exclude a stretch out repayments of liaison volunteer.
Earlier this week, Jean-Claude Juncker, who heads the Group of 17 Ministers of finance in the euro area, said he "would not exclude" a voluntary delay rebates, none warned but such approach would be considered only after the Greece makes more efforts to raise funds of privatization and budget cutting.
Uncertainties, Greek, enriched Records, cost of borrowing with interest rates on bonds to 10 years, hovering around 17%. The high interest rates demanded by investors indicates that they fear that the Greece cannot repay its debts.
For the past year, the Greece was in relying on the funds of the European Monetary Fund bailout loans billion package International and other countries in the euro area. In return, it has been implementing strict austerity measures.
European officials, however, warned Greece he escapes its objectives and need urgently speed up reforms, including privatization euro50 billion.
A delegation of the European Union and the Monetary Fund International and the ECB is currently in Athens, review progress in the reforms needed for the country to receive the next batch of loans of rescue, a value of euro12 billion.
"Implementation and political risk increased further austerity measures required to achieve the deficit target of the 2011 budget of 7.5 per cent of the GDP underachievement tax receipts and higher deficit for 2010 that targeted the"Fitch said.""
He added that Greece has also encountered problems in pushing through its plan of privatization of State assets.
"Focus on privatization has increased the risk that political conditional funding under the EU - IMF program will be delayed because of political and technical obstacles to the realization of euro50 billion of asset sales," the Agency said.
The Government, which has often accused of not to base their drawdown on the facts, the rating agencies, said action of Fitch Friday "comes at a time where economic adjustment in the country programme is always examined by the European Commission"the European Central Bank and the FMIet in the intense and unfounded rumours in the media. ?
The downgrade "ignores the additional commitments that the Greek Government has already taken its objectives in tax matters for 2011 and speed up the privatisation programme", the Ministry of finance said, adding that specific policies for these commitments were announced after the current evaluation is completed.
Speaking earlier in the day, Prime Minister George Papandreou insisted that the country will repay all its loans.
"Of course, the deficit is the reason for which the increase in the debt, it is also the reason that markets are expressing reservations as to whether if we can face or not," he said.
"This is the reason why we are obliged to seek the help of our partners... to depend on their help, their loans,", he noted. "And, of course, I want to say here that we will be repaying these loans."
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