Some Good News

S&P raises Greece’s credit rating

Rating agency Standard and Poor’s ratcheted the credit rating on the troubled eurozone nation’s government debt up six notches from ‘standard default’ to ‘B minus’ following the successful completion on Monday of its bond buyback programme – one grade higher than expected.

The agency lowered Greece’s credit rating from CCC to ‘selective default’ after Athens invited bondholders to participate in a series of debt buyback auctions on December 3, saying it expected to restore the rating on completion of the programme.

S&P said in its statement: “The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone.

“The outlook on the long-term rating is stable, balancing our view of the government’s commitment to a fiscal and structural adjustment against the economic and political challenges of doing so.”

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Robin

About Robin

We started visiting Lesvos such a long time ago we can't remember when. We simply fell in love with the island in general and Molyvos in particular. In 2005 we bought some land and tried to manage the building of our house from the UK. Holidays became site visits and our house was [mostly] completed in 2007. In 2009 we sold up in the UK and moved to Molyvos. This is now our home and we count ourselves amongst the luckiest of the lucky. I am a member of the Molyvos Tourist Association, providing photographs for their brochures and general publicity. Most of my time is spent on activities to encourage tourism or taking photographs of one of the most beautiful places on earth. I also produce calendars and sell them on-line through Lesvos Calendars. Please visit and have a look. You can also see more of my photographs on my  Robin Sanders Photography website.

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