London, 19 January 2010 -- Moody's Investors Service today said that the Greek government's Stability and Growth Programme (SGP), which was submitted to the European Commission last week, is consistent with Moody's current A2 rating for Greece's government bonds. However, given the lack of certainty surrounding the Greek government's ability to implement the programme, Moody's negative outlook remains unchanged.
GREECE'S STABILITY & GROWTH PROGRAMME: STRENGTHS AND WEAKNESSES
The rating agency notes that the SGP addresses the three most important threats to Greece's long-term creditworthiness that Moody's had previously identified: chronically weak fiscal institutions, the slow erosion in competitiveness and accelerating demographic pressures.
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