Greece is under the European Union's umbrella but relies on its own strength, its finance minister said as Greek markets took a beating today after a credit rating downgrade by Fitch.
"Greece relies on its own forces. We are not waiting for anyone to save us," George Papaconstantinou told a news conference.
Fitch Ratings cut Greece's debt to BBB+ yesterday with a negative outlook, the first time in 10 years a major ratings agency has put Greece below an A grade, citing fiscal deterioration in one of the euro zone's weakest economies.
Greek bank stocks tumbled 3.5 per cent at 0944 GMT, shedding about 16 per cent of their value in five days. Greek 10-year government bond yields over German bunds widened to 255 basis points, the widest since early April.
"Greece will face market turbulences over the next months," Mr Papaconstantinou said, adding the country had no immediate borrowing needs.
He reiterated pledges the government will do whatever it takes to reduce its budget deficit, expected to hit 12.7 per cent of gross domestic product this year.
Mr Papaconstantinou said the country's banking sector was fundamentally sound and that the government was reviewing its armaments programme with a view to cutting spending.
Reuters