S&P Declares Greek Victory

The following is an excerpt form the press release from Standard & Poor's:

-- We view the Greek government's total package of deficit reduction measures as appropriate to achieve its 2010 fiscal target, given the deterioration in Greece's growth prospects.
-- We are affirming our 'BBB+/A-2' sovereign credit ratings on Greece and removing them from CreditWatch negative.
-- The negative outlook reflects our view of the government's ability to sustain reform momentum in the medium term.

This is how German DAX equity index (intra-day chart below) reacts to Greek "victory" of not being "junked" due to poor fiscal standards, the S&P500 in the US has no less joy! Click on chart to enlarge, courtesy of Reuters.

The debt horror is over! Greek victory?