Standard & Poor's cut Greece's credit rating deeper into junk territory Monday, saying the country is likely to default on its massive debts at least once by 2013 — a decision Athens said ignored its efforts to secure continued funding in coming years

The rating agency said the downgrade from B to CCC "reflects our view that there is a significantly higher likelihood of one or more defaults" as the country tries to close yawning financing gaps over the next two years. It said the outlook is negative.

Standard & Poor’s decision to cut the credit rating of Greece today makes reference to rumours and statements by representatives of the European Commission and European Central Bank.

However, the decision ignores the intense consultations taking place currently between the same institutions and the IMF aimed at designing a viable solution that will cover the financing needs of Greece in the coming years.

The decision by Standard and Poor’s also neglects the determined efforts of the Greek Government to avoid at any costs any possible violation of Greece’s contractual obligations, and the strong desire of the Greek people to plan for their future within the Eurozone.

The Greek Government has shown its willingness and capacity in the recent past to meet important fiscal targets and last week submitted to Parliament a Medium-Term Fiscal Strategy to be passed by the end of June that outlines detailed, specific fiscal commitments that will ensure the sustainability of Greek sovereign debt.

In any case, the Government remains determined to implement the difficult policies required for Greece to exit the crisis.