Newsclip®: [Business] Poland awaits Moody's report amid concern over new policies - Houston Chronicle

"WARSAW, Poland (AP) — Poland is bracing for a possible credit downgrade by ratings agency Moody's on Friday amid international concerns over the new government's move to erode the independence of key institutions and increase spending. Marcin Mrowiec, economist at Bank Pekao SA, said investors are mostly nervous about the Swiss franc conversion plan since it has the potential to destabilize some banks, perhaps even the whole banking system, if the costs to the banks are great. Mrowiec said that several factors contributed to the slowdown: uncertainty over the government's fiscal plans; changes in management at state-run enterprises, which resulted in a temporary slowdown in investments; and a gap between two spending periods by the European Union, whose cash infusions have been a key source of Poland's growth over the past 12 years.",

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