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August 5, 2021
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Fitch upgrades Greece’s rating following successful debt swap

The Fitch rating agency has restored its faith in Greece after the debt swap deal, and lifted Greek sovereign credit rating from its pre-default level, Russia Today TV international news channel informs. The sovereign long-term default rating of Greece was upgraded to B-minus with a stable outlook from a restricted default C. Fitch pointed out it withdrew ratings on bonds issued by Greece, assigning the B-minus rating on the new government bonds swapped with private investors in the debt exchange.Global markets reacted calmly on the upgrade as the Greek economy obviously remains in risk, experts say. If reforms take place, Greece could reduce its debt burden to 120% of GDP by 2020 from current 170%, while growth could resume by 2014.In a communiqué sent to Nine O’Clock yesterday, the Greek Embassy in Bucharest states: “(…) Greece has turned the page and the economy is entering predictable territory.  Europe as a whole is leaving behind the turbulence of the last two years, inching into setting up the common economic governance.  Greece is going to fully participate in this important undertaking.”

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