Greece's forays into global bond markets will help increase its financing flexibility but the debt-laden country is not out of the woods yet, a senior director at rating agency Fitch told Reuters on Thursday.

Cypriot Minister of Finance Harris Georgides has declared that the island's recent rating raises show the economy's improvement.

Yesterday, Fitch Ratings confirmed a long term issuer default B- rating with Stable Outlooks , a B rating for Short-Term IDRs and a B- for Viability Ratings for National Bank of Greece, Alpha Bank, Piraeus Bank and Eurobank Ergasias.