BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble on
Wednesday said in his view the downgrade of Portugal by rating agency
Moody’s is not justified.
Moody’s announced late Tuesday that it will downgrade Portugal by
four notches from Baa1 to Ba2, i.e two levels into junk status. Moody’s
downgrade now places Portugal two notches below S&P & Fitch ratings at
BBB-, which is the lowest investment-grade level.
“We are as surprised by this announcement by this rating agency as
everybody else,” Schaeuble told reporters here. The minister reckoned
that Portugal is not only fully on track in implementing its austerity
and structural reform package but even “ahead of the curve.”
“Thus, from our viewpoint there is no well-founded reason for such
an assessment at this early stage,” Schaeuble stressed.
Schaeuble also said that he will meet with new Greek Finance
Minister Evangelos Venizelos in Berlin today. “We will concentrate on
what can be and has to be done beyond fiscal policy measures and where
we can help so that the performance of the Greek economy will be
enhanced,” he explained.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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