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RATINGS AGENCY FITCH has upgraded Greece out of the ‘restricted default’ category after the country carried out a crucial bond swap with private creditors.
Fitch moved Greece to B- with stable outlook after the bond swap at the weekend wiped billions off its national debt.
The ratings agency said that the debt exchange has “significantly improved” Greece’s debt service profile and reduced the risk of a recurrence of repayment difficulties on the new Greek government securities.
However it also said that it considers that significant and material default risk remains very high.
Fitch also urged caution about government austerity measures, warning that the implementation is likely to “prove very challenging for any administration,” and adding:
Nevertheless, the sustainability of the public finances and ultimately Greece’s membership of the eurozone depends upon the implementation and effectiveness of structural and fiscal reforms in laying a foundation for a sustained economic recovery.
The upgrading comes on the back of meeting EU finance ministers earlier today where Greece’s second bailout worth €130 billion was officially given the stamp of approval.
Greece had finalised a crucial bond swap with private creditors at the weekend in what is considered to be the biggest debt writedown in history. The deal saw Greece knock over €100 billion off its national debt.
Last month ratings agency Standard & Poor’s downgraded Greece, making it the first eurozone country to fall into ‘selective default’ territory.
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why another office building instead of living space like apartments… they will never learn
@Soeren Kuehling: who could afford an apartment overlooking St. Stephen’s Green?
@Kevin Kerrigan: Rich people
This is a protected structure?
@Billy O’Brien: No, it’s not a protected structure. That bit of the report is incorrect.
@Rob Goodbody: would be an ugly building to protect. Has dated badly
@dublindamo: They should (lets home) require in planning that the facade is in-keeping with the adjacent buildings. Which have dated well.
@dublindamo: *hope
It’s the old Anglo Irish bank building. Maybe they want to banish the past away
Wasn’t that where Hodges & Figgis was many years ago?
@sean o’dhubhghaill: Yes There for a short period until 1981.
211 car spaces now down to 35 (with some bicycle spaces) where will the hundreds of workers park then
@Frank T.: At home!
Vienna was regarded as obtuse when re designed in the 1800s.
@Gavin O Dubhghaill: so was the warden in shaw shank redemption….he was very obtuse
have your say