Standard & Poor's lowers Greece's long-term credit ratingAugust 8, 2012 - 11:01 AMT PanARMENIAN.Net - Standard & Poor's Ratings Services has lowered its outlook on Greece's long-term credit rating, saying it is likely that the financially troubled nation will experience a shortfall in its 2012 budget, Belfast Telegraph said. The report came amid a worsening economy and delays that have kept the Athens government from implementing cuts. The ratings firm downgraded Greece's long-term sovereign credit rating from stable to negative. The move reflects the possibility that S&P will downgrade Greece's rating if the nation fails to get additional funding from other eurozone countries and the International Monetary Fund. Greece has been relying on such loans since high interest rates pushed it out of bond markets in 2010. In return, it has imposed harsh austerity measures, slashing pensions and salaries, repeatedly hiking taxes and increasing the retirement age. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |