AFTER BOWING TO THE BANKS - Fitch Upgrades Greece’s Credit Rating To “B”

After bowing to the banksters and allowing one third of the population to literally go hungry, the ratings agencies are now upgrading our economy month by month. More precisely, on Friday Fitch Ratings announced that it has upgraded the credit rating of Greece from a “B–” to a “B”. This is the first credit rating upgrade for Greece since the confirmation of the primary surplus and return to the credit markets.

According to international press reports the decision to upgrade Greece’s credit rating was taken by the relevant committee earlier this week.

Other credit rating agencies, such as Standard & Poor’s and Moody’s, have given Greece lower ratings.

The Minister of Finances Yannis Stournaras was asked by journalists to comment on this development on his way out from the Prime Minister's office. Mr. Stournaras claimed that Fitch Ratings is one of the strictest credit rating agencies; as such, its revised rating indicates that the Greek people's sacrifices are being recognized internationally and therefore"we must safeguard" the rating.

Speaking about the primary surplus, the Greek Ministry of Finances reported a 1.046 billion Euro primary surplus for the period Jan-Apr 2014. The Ministry said that in the first four months of 2014, surplus exceeded the goal of 742 million euros.

The Ministry also said that there are some concerns over an estimated 7.1% drop in net revenue, which came to 13,842 million Euros. The total sum of tax revenue was 12,588 million Euros, about 3.1% than the government’s goal.