Athens News Agency: News in English, 11-09-23

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Moody's downgrades eight Greek banks

[02] PM: Country's efforts must not be abandoned

[03] Air traffic controllers strike illegal - Flights on Sunday, according to schedule

[01] Moody's downgrades eight Greek banks

Moody's downgraded National Bank of Greece (NBG), EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece (ATE) and Attica Bank from B3 to Caa2, and Emporiki Bank and General Bank of Greece (Geniki) to B3 from B1.amna

The rationale for the downgrading included a substantial deterioration of the domestic economy and the above credit institutions' exposure to Greek government bonds.amna

Moody's also said that although the recently announced merger of Alpha Bank and EFG Eurobank Ergasias has some potential positive elements for the credit standing of the future joint entity (that will result from the merger, which is expected to be completed by the end of 2011), Moody's believes that these are offset by the currently fragile operating environment. AMNA

[02] PM: Country's efforts must not be abandoned

In statements to the MPs, Papandreou said that Greece had for the past two years been waging a battle "with great sacrifices for the Greek people that must be won" and stressed that there was no other path to follow.amna

"The other road is that of default, with major and grave repercussions for every household, every Greek man and woman," he added.

The prime minister underlined that the effort must not be abandoned midstream, so that all the sacrifices made were lost, and that one last great effort must be made to "lock in place" the European Union's crucial July 21 decisions for a second bailout package for Greece and a lightening of the debt burden on the Greek people.amna

"Finally, we are heading toward a primary surplus based on our own decisions. In other words, we will no longer generate deficits," he stressed, adding that this would give the country prospects of growth and recovery.amna

"

[03] Air traffic controllers strike illegal - Flights on Sunday, according to schedule

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