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Fitch upgrades Greece to B- with outlook stable

FXstreet.com (San Francisco) - Fitch Ratings upgraded Greece sovereign debt from CCC to B- on the back of progress in cutting budget deficit. The country's status is still junk but the outlook is stable according to a Fitch press release.

"The Greek economy is rebalancing," states DFitch. "Clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has at last begun to take hold."

"The Economic Adjustment Programme (EAP) is on track amid a semblance of political and social stability." The agency adds that "the current account deficit has also shrunk from 10% of GDP in 2011 to 3% in 2012. The revised EU-IMF programme gives Greece two additional years (2015-16) to attain a primary surplus of 4.5% of GDP. This relaxation is reflected in Fitch's expectation of a milder economic contraction of around 4.3% in 2013 (-6.4% in 2012) and a weak recovery in 2014."

Fitch says that the outlook stable reflects that the "upside and downside risks to the rating are more broadly balanced than in the recent past."

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