Cuts help raise Greece’s credit rating

The ratings agency Standard & Poor’s yesterday raised the credit rating of Greece’s sovereign debt by six levels, from selective default to a B-minus.

It praised the “strong determination” of eurozone-member countries that have helped Greece to remain as a member state, while also highlighting government efforts to reduce spending.

More than €49bn was released to Greece last month as part of the latest tranche of bailout funding from the European Union and IMF. Prime Minister Antonis Samaras declared the loan a “new day” for the country.