Fitch Upgrades Greece, Deems Rating 'Stable'
...But that's still junk status
By Kevin Spak, Newser User
Posted May 14, 2013 12:31 PM CDT
A state school teacher shouts slogans, in front of a banner that reads "No to The Civil Mobilization" during a peaceful protest in central Athens on Monday, May 13, 2013   (Kostas Tsironis)

(Newser) – We have something rare for you today, folks: Positive economic news out of Greece. Fitch has upgraded the beleaguered country's dismal credit rating from CCC to B-, saying it had made "clear progress" toward trimming its budget deficit and its risk of dropping out of the euro currency alliance, the AP reports.

Of course, that rating still leaves it in "junk" territory, but on the bright side Fitch said the outlook was "stable," meaning the rank is as likely to go down as up. The rating agency warned that despite the improvement, Greece still face challenges given the sluggish pace of economic recovery and political opposition to reform.

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Showing 3 of 4 comments
HMD-SMD-ITY
May 14, 2013 3:04 PM CDT
I put Greece on a trading signal with FOREX. The last time it moved big, I did a 200 pip profit. Unfortunately I only committed a 3k trade so it was not at all a windfall. But its fun no doubt. Of course I've also had a 160 pip loss at 10k. Homie learned a real good lesson on that one, make sure your stop with trailing is in effect.
No-Left-Turn
May 14, 2013 1:01 PM CDT
Greece is still on a slippery slope.
BenDunn
May 14, 2013 12:41 PM CDT
Wow, only a Liberal state would celebrate an upgrade to stable Junk! Don't worry Greece will soon enough shoot itself in the foot, elections will be coming up, vote buying with Union contracts is the best liberal policy to date. This is why Greece is broke and bailed on its creditors twice already, three times a charm? no I don't think so... We, one day, will hope for stable junk status also.