There is some much-needed good news for Greece.
Ratings agency Standard and Poors has raised the credit rating on the country’s sovereign debt. Athens is now on “B-minus” instead of selective default.
The agency praised the Greek government’s efforts to rein back its spending. Experts have described the uprade as a vote of confidence for the Greek government.
Standard and Poors also praised what it termed the “strong determination” of Greece’s fellow Eurozone countries to help it remain a member state.
Greece is currently receiving the second of two bailouts – an earmarked total of 240 billion euros. Uncompromising austerity measures have hit the country hard leading to widespread protests on the streets.