Greek PM: Downgrade Does Not Reflect Our Fiscal Efforts

Standard & Poor's downgrade of Greece's credit rating does not reflect the country's fiscal efforts, Prime Minister George Papandreou said on Tuesday.

"They are not downgrading Greece because of what Greece is doing," Papandreou told reporters.

Standard & Poor's lowered the debt-stricken country's credit rating by two notches to "BB-" from "BB+ on Tuesday, deeper into junk status, on expectations it will have to borrow under emergency European stability plans.