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Fitch lowered the credit rating of Greece by three points - from BB+ to B+ and will watch the country for a new possible downgrading. The B+ rating means weak financial stability and low security in payment of obligations to creditors in the long run.

The agency's arguments are that Greece faces huge challenges that prevent it from strictly implementing the program for financial stability agreed with the European Commission, the European Central Bank and International Monetary Fund. The program includes a series of measures of financial discipline and structural reforms to enable the Greek government to regain market confidence and to find a new model for development of the Greek economy. According to Fitch analysts, the political instability and the uncertainty on whether the fiscal consolidation program would be applied increased significantly. At the same time they believe that the probability the next installment from the IMF and the European Union to be delayed increases. After the announcement of the downgrading, the credit rating agency said that an extension of bonds payment would be considered a failure.

Greece's credit rating could go down to CCC, which would mean that the country is very likely to suspend payments, says the official announcement. The other two global rating agencies Moody's and Standard & Poor's has rated Greece B1 and B, respectively. However, the Greek Ministry of Finance has found global conspiracy in the decision of Fitch. "The decision comes at a time when the mission of the International Monetary Fund, the European Commission and the European Central Bank are in the process of evaluating the progress of Greece and is influenced by the constant rumours spread by printed and electronic media," said its message.

Meanwhile, the French Minister of Finance Christine Lagarde said firmly in an interview with the Austrian newspaper Standard that before Greece should submit evidence of its reforms before receiving any new financial support. The possible new executive director of the International Monetary Fund said that Greece should do more than what it has done in the past 12 months. However, Christine Lagarde said she does not expect restructuring of the Greek debt.