Greece, a nation that is hanging by the skin of its teeth over an abyss of one of the worst economic crisis to ever bedevil the Mediterranean country, has managed to dodge a downgrade from Standard and Poor's rating services, while announcing its plan to reduce the mammoth deficit in its budget.

The announcement immediately resulted in a stronger trading for the Euro.

However, Greece could not avoid a negative outlook by Standard and poor, which indicates little faith in the nation's ability to sustain its reform efforts in the medium term. According to credit analyst Marko Mrsnik this means future downgrades are possible.

"It indicates further downgrade potential if the government fails to address negative deviations from its budgetary consolidation path or implement the currently planned structural reforms".

Greece, with its poor debt management track record, continues to attract poor reviews from credit agencies while it struggles with a deficit that's exceeded 12% of the GDP, more than four times the ceiling set by European Union budget rules.

Despite promises of aid from other Euro-zone states and budget reforms, borrowing costs continued to be frustratingly high for the nation, much to the aggravation of Greek officials who continue to work towards building credibility for the budget plan.