17
December
S&P downgrades Greece while concerns mount over secret defence budget
17 December 2009 The Telegraph
“The downgrade reflects our opinion that the measures to reduce the high fiscal deficit are unlikely, on their own, to lead to a sustainable reduction in the public debt burden. If political considerations and social pressures hamper progress, we could lower the ratings further,” it said.
The move came as Spyros Papanikolaou, head of Greece’s Public Debt Management Agency, held back-to-back meetings with bankers in London in a bid to stop the crisis spiralling out of control.
