Greek Finance Minister Evangelos Venizelos held a teleconference Monday with officials from the European Union, the International Monetary Fund (IMF), and the European Central Bank (ECB), to reassure international creditors providing the country with bailout funds.
The emergency call came a few hours after Venizelos announced plans for Greece to speed up reforms aimed at bringing its debt crisis under control, but the country's creditors (on the other end of the telephone call) wanted to talk things through to make sure Greece's plans are on track.
A decision on whether officials from the 'troika' (EU, IMF, and ECB) would need to pay a visit to Greece to sign off on Greece's belt-tightening efforts was put off until Tuesday evening, when the conference call would resume.
In the meantime, rating agency Standard and Poor's said it had downgraded Italy's sovereign debt rating by one notch, from A+ to A, a similar level as the US. with a negative outlook, which indicates further downgrades in the future.
For more : Home | Deutsche Welle
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