The moment of truth has arrived he concluded

The Greek crisis still worsened yesterday, with a flurry of bad news economic, social and financial from Athens. The Standard & Poor's financial rating agency has degraded the note of debt Greek of two notches, BBB to BB , giving now "junk bond" status (rotten obligation). She also degraded the Portugal notes, illustrating the fears of contagion of the crisis. The Greek Minister of finance, Georges Papaconstantinou, acknowledged yesterday that his country "cannot borrow" on financial markets, except for rate prohibitive to honour a debt by nearly EUR 9 billion due May 19. Leaving poses the threat of a default, which would be a real disaster for the euro area, if Berlin does not throw quickly its objections to the plan of European aid. Which greatly concern the financial markets (see page 28). The Minister also castigated the crossing "lack of clarity" partners of the Eurogroup, while the Germany requires a still more drastic reduction of public spending Greek for 4 points down the public deficit and bring him back to 8 of GDP.

A very difficult goal

A goal may be very difficult to achieve. Indeed, the Greek public deficit 2009 is much greater than expected; Georges Papaconstantinou yesterday acknowledged that it could reach 14 of GDP, rather than the 13.6 estimated by Eurostat so far. The Greek State tax revenues are likely to suffer this year of a recession which will likely exceed the expected 2 until then, said the Governor of the Bank of Greece, George Provopoulos. Finally, the social climate deteriorates at sight of eye. The employees of public transport in Athens went on strike Tuesday, paralyzing for six hours buses, trams and metros of the Greek capital. The public service, the Adedy Union, called an event last night, while the grand Union of the private sector, the GSEE, launched yesterday with the Adedy a Word to strike for 24 hours for May 5. The Adedy and the GSEE is 2.5 million employees, or half of the employees of the private and the public across the country. The consensus which could claim the Government so far looks a bit shaky also. Near two Greeks on three, according to a survey published Monday, disagreed with the decision of their Government to seek the assistance of the European Union and the international monetary Fund (IMF).

The Greek Prime Minister, Georges Papandreou, but reminded yesterday that the assistance plan of 45 billion euros of the Union and the IMF, would "provide the necessary calm and discipline" to make drastic changes in matter "State, habits, mentality" necessary. He was the recognized crossing that public funds and European subsidies were often used not for development but to "buy houses, cars, and live in the farniente". "The moment of truth has arrived," he concluded. The Director General of the international monetary fund, Dominique Strauss-Kahn, said in an interview with the daily "The Forum" to be published today that if the IMF and the European Union do not help the Greeks, "they will be in an untenable situation." According to him, "there is no alternative to get".

A glimmer of hope, however: according to Reuters, the German Bill on the stability of the Monetary Union table on Sunday agreement next with the IMF and the Union and a vote on the plan of austerity in the Greek Parliament on 6 May. It provides that the Summit of the countries of the euro area leads to an agreement on 10 may, date which effectively confirmed yesterday by the Spanish Presidency of the Union. The Summit would be held in the aftermath of delicate regional elections for German Chancellor, Angela Merkel, whose voters are in majority opposed aid to the Greece. It would thus open the door to the payment of a first tranche of the international plan before the fateful deadline of May 19.