Greece avoided a downgrade to its credit rating by Standard & Poor's Ratings Services, which had warned last month that it was considering such a move, although the ratings firm slapped on a negative outlook. The euro also rose in the minutes following S&P's announcement. S&P credit analyst Marko Mrsnik said the Greek government's plans to reduce its deficit was supportive of the nation's current triple-B-plus long-term credit rating, which is three notches into investment-grade territory. S&P said the government's reduction measures were "appropriate to achieve its 2010 fiscal target." View Full Image Bloomberg News George Papaconstantinou, Greece's finance minister, in Brussels on Tuesday. However, the negative outlook, which means future downgrades are possible, reflected concern about Greece's ability to sustain the reform momentum. "It indicates further downgrade potential if the government fails to address negative deviations from its budgetary consolidation path or implement the currently planned structural reforms," Mr.[Read more...]