Eurogroup President and Prime Minister of Luxembourg, Jean-Claude Juncker criticized Moody’s downgrading of Greece’s credit rating as "irrational."
"I am totally convinced that in a few months from now, the financial markets will see that they were wrong," Juncker said, underlining that "these rating downgrades are not in each and every case understandable and rational."
In addition, the European Union's Commissioner for Economic and Monetary Affairs, Olli Rehn told the European Parliament yesterday that the downgrade by Moody’s was "surprising and highly unfortunate" and said it raised questions about the role of rating agencies in the financial system.
Ministry of Finance: Announcement regarding Moody’s downgrade of Greek government bonds;
Kathimerini Daily: EU surprised by Moody’s move; Athens Radio 98.4: Papandreou-Moody's downgrading is inconceivable