The downgrading by Fitch will be milder

Here are some slightly good news from the international credit rating agencies in relation to the Greek economy!

According to sources, during the teleconference between minister of Finance Giorgos Papakonstantinou and foreign analysts, the Fitch representatives declared that the downgrading of the Greek economy will be milder than expected. And it will not be immediate, as the foreign firm is satisfied to a degree by the Greek arguments in favor of waiting for developments in relation to the extension of the repayment of the loan by the Troika, which are expected from next week onwards.

In fact, the analysts of Fitch seem willing to change their evaluation in the near future for the prospect of the Greek economy, and turn it from negative into stable.

If this information is confirmed, we will have an obvious explanation for the recent rapid deceleration of the spreads in the 10y bonds in relation to the German bund, from +1.000 units to 830 on Wednesday.