Standard and Poor’s raises the rating on Greek debt to “CCC”
The risk rating agency Standard & Poor’s (S&P) has raised today the Greek debt rating to “CCC” with stable outlook, which is out of the level of “selective default”.
The agency says that raises the debt rating of the country after it was completed “successfully” removed half the debt in private hands helena, which meant removing 106,000 million euros in the red state.
S & P notes that the relief operation is a “short term” of the country’s financing problems, but stresses that the Greek debt remains very high.
The discharge of debt in private hands is included within the second bailout of the country, launched by the Eurozone and the International Monetary Fund (IMF), to try to reduce current debt 165% to 120% of GDP in 2020.
The agency indicates that the grade of “CCC”, two steps above the “default” shows that there are still major challenges, as some “uncertain prospects for economic growth”, with an expected drop in GDP of 5% in 2012 , and a “weakening of political consensus on reforms.”
Greek citizens are invited to Sunday’s early elections in a climate of strong social tension, after which provide a high degree of fragmentation in parliament, with a large rise of anti formations adjustment plans.
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