Fitch: Commitments agreed yesterday represent important and positive step towards securing financial stability in euro zone

  • Will place Greek sovereign rating into restricted default
  • Will assign new post-default ratings once default event is “cured”
  • New rating will likely be low speculative grade
  • Reduction in interest rates and extension of maturities potentially window of opportunity to regain solvency
  • Decision to reduce cost, extend maturity of EFSF loans supportive for Ireland, Portugal

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