S & P to downgrade Greece's sovereign credit rating

Xinhua Nicosia, December 16 (Xinhua) The International credit rating agency, Standard and poor, announced on the evening of 16th, downgraded Greece's long-term sovereign credit rating from "A-" to "BBB" and warned that Greece's sovereign credit rating could be further reduced if the Greek government failed to improve its fiscal position in the short term. This month, 8th, another rating agency, Fitch International credit rating, has just downgraded Greece's sovereign credit rating from "A-" to the same level.　　At that time, not only caused the Greek stock market plunge, but also drag the euro against the dollar lower. Subsequently, the Greek Prime Minister George Papandreou announced on 14th that a series of measures will be taken to reduce the ballooning fiscal deficit in order to revive the Greek economy.　　But the Greek market has not reacted positively, with a number of trade union organizations, including the news media, planning a strike on 17th.　　S & P says the Greek government's efforts to reduce its fiscal deficit are "unlikely to continue to reduce the country's debt burden", and they have lowered Greece's long-term sovereign credit rating. Greece is now plagued by public debt, and the share of the fiscal deficit in GDP has risen to about 12%, well above the euro zone's 3% per cent level.