Moody's Upgrades Greece

The agency mentioned in its announcement that the basic impetus for the upgrade was the progress made by the Greek government in addressing the fiscal stability of the country, within the framework of the program supported by the troika of lenders.

Moody's believes the country will achieve and perhaps surpass the targets for a primary surplus in 2013 and 2014, the country's prospects will improve in the mid-term, and there will be a significant reduction in the country's public debt.

However, in an article analyzing the next day for the new German coalition government, foresee a bankruptcy for Greece, or an exit from the euro, or both, within four years. The reason for this according to the FT is the fact the OECD sees a stabilization of the Greek debt at 160% of GDP by 2020, while the EU and the IMF have base their programs on an aim of lowering the debt to 124% of GDP.