ECB averts risk of further downgrading Greece's credit rating
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The European Central Bank (ECB) said Monday it would suspend the implementation of a minimum credit rating threshold on Greece's state debt until further notice.
The move means that Greece can still take part in the ECB's lending programs, even as international rating agencies keep lowering the credit rating for Greek bonds.
Greek media see the latest development as the first positive step following Sunday's agreement on the additional austerity measures the Greek government will take in exchange for loans from the European Union and the International Monetary Fund over the next three years.
Analysts say the ECB is sending a strong message to international markets that Greece is no longer facing a debt crisis alone and that a decrease in borrowing costs for Athens can be expected.
Experts with Fitch Ratings said Sunday's deal has provided Greece with breathing space and could help keep stable the credit ratings for the Greek economy in the upcoming months.
Last week, international rating agencies such as Moody's and Standard & Poor's downgraded debt ratings for major Greek banks with negative outlooks and warned of further cuts.
