03:30 GMT +323 January 2020
Listen Live
    Business
    Get short URL
    Syriza Party Wins Greek Snap Parliamentary Elections (49)
    0 33
    Subscribe

    S&P warned that "if the new Greek government fails to agree with official creditors on further financial support, this would further weaken Greece's creditworthiness" and would prompt the agency to lower the country's B/B sovereign debt ratings.

    MOSCOW, January 29 (Sputnik) – The Standard & Poor's rating agency has put Greece on credit watch, citing the policies of the country's new government as the possible trigger of a future credit rating downgrade.

    "The CreditWatch placement reflects our view that some of the economic and budgetary policies advocated by the newly elected Greek government, led by the left-wing Syriza party, are incompatible with the policy framework agreed between the previous government and official creditors," S&P said in a press release Wednesday.

    S&P warned that "if the new Greek government fails to agree with official creditors on further financial support, this would further weaken Greece's creditworthiness" and would prompt the agency to lower the country's B/B sovereign debt ratings.

    Poll

    Do you believe SYRIZA can fix Greek economy?
    • Yes, the EU fears Greece will exit the eurozone, so SYRIZA holds the cards.
      56.8% (715)
    • I don't believe in success of this particular party, but their victory marks the revival of Greece.
      20.0% (251)
    • No, their promises to reduce austerity are utopian and will not be accepted by the 'Troika'.
      14.2% (178)
    • No, nothing good has ever come from radicalism.
      9.0% (113)
    Voted: 1257
    In 2009, S&P came under fire for downgrading Greece's credit rating, in a move that contributed to the country's economic meltdown. Greece was the first Eurozone country to have its debt rating slashed to junk, despite protests from Brussels.

    The European Union has criticized the agency for labeling Greece a risky investment, thereby driving up the cost of credits and scaring off potential investors.

    Last Sunday parliamentary elections were held in Greece. Syriza secured victory in the elections and subsequently reached a coalition agreement with the right-wing Independent Greeks party.

    The leader of Syriza Alexis Tsipras was sworn in as the new prime minister of Greece on Monday. Tsipras's main pledge during the election campaign was to renegotiate Greece's economic crisis bailout terms without leaving the Eurozone.

    Topic:
    Syriza Party Wins Greek Snap Parliamentary Elections (49)

    Related:

    Syriza's Victory in Greek Elections to Help End EU Sanctions Against Russia
    Syriza Victory in Greece Signals of European Union Decline
    White House Says Obama Looks Forward to Cooperate With New Greek Gov't
    Athens Stock Exchange Plummets on Bailout Repayment Concerns
    Alexis Tsipras, Aged 40, Becomes Greece’s New National Leader
    Tags:
    credit rating, rating, Syriza party, S&P, Greece
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik