VIENNA, March 2 The current situation, where
Greece's fate depends on the decision of a single credit rating
agency, is not acceptable, European Central Bank Governing
Council member Ewald Nowotny said on Tuesday.
"The fate of Greece, and if you are going to be more
dramatic, the fate of Europe, depends on the judgement of one
rating agency. That is an unacceptable situation," Nowotny said
in a panel discussion.
ECB policymakers, including Vice-President Lucas Papademos,
have said they would not change plans to tighten collateral
rules at the end of this year to minimum required 'A-' standard.
Should rating agency Moody's downgrade Greece into 'B'
territory, as Fitch and S&P have already done, banks would no
longer be able to exchange Greek government debt for cash in ECB
refinancing operations from January 2011.
(reporting by Boris Groendahl; writing by Marc Jones)