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Fitch Optimistic About Greece

The most recent report by Fitch ratings agency on developments in the eurozone shows a more optimistic assessment for the Greek economy projecting this year's recession at 4%, and showing 0.5% growth for 2014.

The report also highlights three provisions that would support an upgrading of the Greek economy: sustainable economic growth through a full implementation of the adjustment program, steady output of primary surpluses, and stabilization/resurgence of the banking system.

Fitch (as well as Moody's, and Standard & Poor's) are monitoring developments in Greece closely and any decisions they make will impact on the possibility of stabilizing a positive climate for Greece and a recourse to markets.

The provisions in the Fitch report could positively affect Greece's rating (B- with stable outlook). In the opposite event, a downgrading, could trigger inability in applying the adjustment program , along with political instability, feeding the risk of an exit from the eurozone.