Standard & Poor's upgraded the ratings of neighboring Greece by a considerable six notches to B-, taking it above the level it was before the bond buyback program was set in motion, though it remains in junk status. The government of Turkey, a traditional rival to Greece, was less than pleased.
Recep Tayyip Erdogan said this decision was "politicized". Dimitris Avramopoulos, Minister for Foreign Affairs of Greece, condemned the Turkish prime minister's declarations. According to the Greek politician, the financial crisis is a sort of pandemia.
Greece's rating can improve further, S&P argues, if the government adheres to the terms of the program, contributing to a sustainable economic recovery and to servicing its debt.
Greece asks Erdogan to watch his language
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