Standard & Poor has raised Greece's credit rating from selective default status to B- with a stable outlook. The change is credited to the Greek government's commitment to structural and fiscal measures.
Standard and Poor released a statement saying: "The stable outlook balances our view of euro zone member states’ determination to support Greece’s euro zone membership and the Greek government’s commitment to a fiscal and structural adjustment against the economic and political challenges of doing so" Bloomberg reported.
The move follows the EU agreement to release € 49.1 billion in bail-out loans to Greece.
The agency warned that Greece's debt reduction plans still entail serious risk, Ekathimerini reports, with the current recession expected to continue into 2013.
Meanwhile, as the country's outlook improves, citizens are increasingly falling into poverty. According to Ekathimerini statistics released by Eurostat show that "31 percent of Greece's population was living near the poverty line in 2011 and 15.2 percent was just scraping by on a small income," unable to cover the cost of basic commodities. With further austerity measures and inflated prices during 2012, the figure must now inevitably be much higher. As Digital Journal reported Greeks are even finding it increasingly difficult to cover the cost of heating their homes.