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Fitch takes Greece out of default rating after swap deal

Fitch moved Greece from "restricted default" to B- after it completed the largest debt restructuring deal in history.

Euro zone credit ratings downgrade ... reactions

Friday's Standard & Poor's downgrade of several euro zone countries' credit ratings have only made the faintest ripple across the continent
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French Prime Minister Francois Fillon shrugs off the Standard & Poor's downgrade of France's credit rating late Friday and visits the site of a big infrastructure project: the Cite du Cinema in suburban Paris (BERTRAND GUAY/AFP/Getty Images)

Given the hysteria that greeted the announcement that Standard & Poor's was taking away France's AAA rating (along with that of Austria leaving Germany the only euro zone country with the top rating) - at least in the press - you might have thought the euro zone crisis was going to explode again. Not so.

That isn't to say some political leaders weren't angry. Spanish Prime Minister Mariano Rajoy was, following Spain's downgrade to A from AA-, according to this headline in El Pais.

Rajoy to Standard & Poor's: we don't need economic lessons:

"My government knows perfectly well what it needs to do to improve Spain's reputation, stimulate growth and create jobs," PM fires back after rating downgrade.

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