Tuesday, August 5, 2014

Greece upgraded by Moodys


Moody's ratings agency late Friday upgraded Greece's government bond rating, predicting a gradual decline of its massive national debt.

The agency is also citing a continued commitment by the bailed out country's conservative-led government to improve public finances.

In Friday's announcement, the agency said it had raised the Greek rating by two notches from Caa3 to Caa1 — still below investment grade.

When I wrote my original article about buying the Greek banks part of my thesis was that the news in Greece would go from bad to less bad. That is what we are seeing and it should continue. They are not out of the woods completely but all we need to see for the position to work out is continued positive change at the margin which should cause a revaluation of Greek banks upward.

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