A downgrade would complicate government’s already tricky task to balance the budget and it will most likely raise borrowing costs.
“Until now Moody’s has been hoping that the structural reforms has been promising all the time would actually be implemented. And they’ve given us a benefit of the doubt to see if that is going to happen but it appears as if the Medium Term Budget Policy Statement confounded those areas of hope and instilled pessimism and disillusionment within Moody’s.”
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