Another credit ratings agency has downgraded Greek government bonds over concerns about the country's ability to reduce its high levels of debt.
Moody's is the third of the three major international agencies to downgrade Greece, following similar moves by Fitch and Standard & Poor's.
However, the BBC reports the downgrade, to A2 from A1, was not as severe has some had expected.
Greece has announced big spending cuts to reduce its levels of debt. But the total is â¬300 billion.
The Bank of Greece says the budget deficit in 2009 will be 12.7%. Two months ago the previous government said it would be 6.7%.
However, Moody's said Greece was "extremely unlikely" to face short-term liquidity or refinancing problems.
