No eurozone contagion risk from Greece: Fitch

(PARIS) - Eurozone countries face no risk of "contagion" from the debt and deficit crises afflicting Greece, Portugal and Spain, the chairman of ratings agency Fitch insisted Monday.

Marc Ladreit de Lacharriere told Europe 1 radio that while the state of public finance in the three countries was "worrying... there is really no contagion" in other members of the 16-nation euro currency bloc.

Eurozone powerhouses France and Germany enjoy sufficient "credibility" with investors "who are the deciders and the masters of the game."

"In France and Germany we are lucky in having two pilots on board," he said.

Fitch, Moody's and Standard and Poor's are the leading international agencies that assess the credit-worthiness of government and company debt.

Eurozone financial markets were roiled in December when all three agencies downgraded Greece's sovereign debt, voicing doubts that Greek authorities would be able to curb public spending.

"Is Greece capable of taking steps to improve the situation?" asked Ladreit de Lacharriere.

"There are doubts because Greece has never really followed directives coming from Europe. They have not respected the (European Union) monetary and economic stability pacts."

In the face of evidence that the financial crisis still plagues Greece, Portugal and Spain, Ladreit de Lacharriere said economic stimulus measures should remain in place.

"It is crucial that stimulus plans be maintained because projected growth rates for 2010 remain very weak."