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S&P: B/B Rating and Positive Outlook for Greece

Standard & Poor's on Friday reaffirmed Greece's B-/B credit rating with positive outlook.

In a report, the credit rating agency noted that the Greek economy was balancing as showed by a reduced current account deficit, a remarkable budget adjustment and an improved competitiveness.

However, the general government debt and the country's external debt remain huge, S&P said.

S&P noted that EU member-states remained determined to maintain Greece inside the Eurozone and noted that the government was focused on fiscal and structural adjustment.

The agency also noted the existing economic and political challenges.

According to S&P the Greek economy will shrink by 4% in 2013 and by 1% in 2014, while the current account deficit will drop to 1% of GDP this year from around 15 pct in 2008.