The right -wing government in Greece in the center said on Saturday, 15, after it got a pleasure to raise your credit risk rating by MOODY to “the degree of investment”. It is the last of the major agencies that hang the “scrap” position of the Greek government’s titles, which started 15 years ago during a serious debt crisis.
“This rise represents the closure of a major cycle of the Greek economy and attests to the country’s return to the European natural,” said Finance Minister Kostis Hatziakays.
Moody’s announced the promotion of the BA1 (the last level of the speculative degree) to the BAA3 on Friday, 14. The agency referred to the public finances, “improved faster than expected” as a major factor in its decision.
The agency shed light on the political position of the government, institutional improvements and a stable political environment, and claiming that it expects Greece to enjoy “continuing to obtain significant preliminary surpluses, which will constantly reduce the high debt burden.”
Although risk classification agencies began to return to Greece in the end of 2023, the good news was received by a government by a government that was harmed for weeks due to strikes and protests in the way it dealt with a fatal railway that turned into two in late February.
Hatzenakis made observations hours before the folder was delivered to the cabinet Kiriacos Bierakakis at Saturday’s ceremony, a day after the government announced the reformulation.
“The promotion of Greece by Moody’s to Baa3 determines the last step in restoring the investment certificate by all major classification agencies, and highlights the great progress in Greece,” Prime Minister Kiriacos Mitsotakis said online on Saturday.
“We are still fully committed to the reforms that attract investments, create job opportunities and pay sustainable growth,” he said.
Greece entered a spiral in 2010 and obtained three international recovery operations to avoid bankruptcy and reform its public financial resources through the successive and comprehensive austerity programs imposed by the European Union and the International Monetary Fund.
The national debt reached a percentage of GDP to the peak by 2020, as it rose more than 200 %, but has decreased continuously since then and should be less than 150 % this year, according to the expectations of the Greek Central Bank.
Moody’s praised the efforts to reduce the ongoing government debt.
He said, “For several years, the Greek public finance exceeded our basic expectations, which increases our confidence that Greek debt will remain on a fixed path to fall.”
“These improvements are due to the constant containment of expenses and the rapid increase in tax revenues, in light of the ongoing institutional improvements, tax compliance and collection.”
