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Fitch upgrades Greek rating to B- after debt swap deal
REUTERS - Fitch lifted Greece's credit rating out of default territory on Tuesday, becoming the first major rating agency to take the widely expected move after Athens completed a debt swap that cut its debt by about 100 billion euros.
This is the first time Greece's rating has been upgraded since the debt crisis exploded at the end of 2009 and the first Fitch upgrade since 2003.
The three major rating firms have repeatedly slashed Greece's rating throughout the debt crisis, cutting it to default over the debt deal in which private bondholders lost most of their investments in Greek government bonds.
Following the debt swap deal and a new EU/IMF rescue plan, Greece's debt is expected to fall to under 120 percent of GDP in 2020 from 160 percent now.
Originally posted by aboutface
reply to post by LittleBlackEagle
You make it sound like it's a game they're playing, and I can buy that. But who are these "boys they're waving at"? Against whom are they playing for them to go to all that trouble??