Greek FM says no risk of nation defaulting on debt

ATHENS: Greek Finance Minister George Papaconstantinou said there is "absolutely" no risk that the country will default on its debt, seeking to ease the concerns of investors after Greece had its credit rating cut on Tuesday.

"We're moving swiftly to reassure citizens and markets that we're moving in the right direction," Papaconstantinou said. The minister also said that Greece will not seek a European Union aid package.

Fitch Ratings cut Greece one step to BBB+, the third-lowest investment grade, a day after Standard & Poor's put Greece's A- rating on watch for a possible downgrade, signaling it may be reduced within two months. The ratings companies cited concern the nation may struggle to meet its debt commitments as public finances deteriorate. Greece has the highest budget deficit in the 27-nation EU.