Europe Economy

Greece Does Not Pose Systemic Risk: Fitch

Leonie Kid|Special to

Greece does not pose a systemic risk to the broader euro-zone area, according to ratings agency Fitch, which has twice downgraded Greek sovereign debt and still maintains a negative outlook on the country.

Greece is currently in consultation with the European Union in a bid to get its deficit plans under control. The government has announced that its statistics service will become fully independent following harsh criticism from its EU counterparts, who accused Athens of cooking the books when it came to the budget figures.

Greece Remains a Concern: Fitch

Greece’s current situation was of its own making and “2009 was clear evidence of very poor public finance management, and very little of the deterioration can be explained by the global recession and global crisis,” Brian Coulton, the Head of EMEA Sovereigns and Global Economics at Fitch told CNBC.

The Greek Finance Minister, George Papaconstantinou, dismissed speculation that the country could leave the euro zone, telling CNBC’s Steve Sedgwick that the euro has been very good for Greece, and it was "absurd" to consider the country could leave the monetary union.

- Watch the interview with Brian Coulton above.