does having a degree make you a better teacher?

Today I read in the Strait Times newspaper that Singapore is planning to have only graduates as teachers in the Primary schools by 2015. This is the online article I found which covers that story partially:

It made me wonder why this would be necessary? Though I tend to agree that teachers should always try to upgrade themselves and continue learning both content and teaching/learning methods, I don’t think a degree is a necessity for this. I’m sure that there are good teacher who are not degree-holders and degree-holders who are not good teachers.