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Page last updated at 10:35 GMT, Wednesday, 19 December 2012

Greek credit rating 'upgraded'

Standard & Poor's (S&P) ratings agency last night upgraded Greece's credit grade by six notches.

This pulled the debt-heavy country out of default but still keeps its devalued bonds in junk status.

S&P said the upgrade to B-, the highest grade it has given Greece since June 2011, reflected its view that the other Eurozone countries are determined to keep Greece inside the currency union.

Vicky Pryce, a Greek-born economist and former UK government economic adviser, told Today business presenter Simon Jack that the Greeks have "improved their financial situation" but they haven't yet "turned the corner".

She went on to say that this upgrade has made "no improvement" on Greek people's living standards.

"The recession is still biting very, very hard," she added.

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