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Greece's credit rating upgraded for first time since bailout

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Greece's credit rating upgraded for first time since bailout


Greece’s credit rating was upgraded on Friday for the first time since its multi-billion euro bailout.

Global rating agency Fitch said Greece was set to return to growth after six consecutive years of contraction. The country’s long-term debt has been raised up one level from B- to B which still leaves it five levels below investment grade.

The country sparked Europe’s debt crisis in 2009. It was given a 240 billion-euro bailout in 2010 in return for budget cuts and harsh austerity measures.

The EU and IMF who lent the money said Greece had achieved a key target of making a primary surplus in 2013.

Greece has seen a rapid rise in levels of poverty and unemployment.

Greece’s anti-bailout party, Syriza, is ahead in the polls. If it wins in Sunday’s EU elections, it has vowed to topple the government and scrap the bailout agreements.

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