Greek government debt raised into an investment rating by Moody’s, closing the door at a painful age
Athena, the Greece (AP)-Greek-Right Government welcomed the upgrade of credit rating by Moody’s, the latest major assessment agency that raised the status of a worthless status to a government bond that began 15 years ago during a severe debt crisis.
“(This) upgrade signifies the closing of a large cycle for the Greek economy and confirms the return of the country to European normality,” said Finance Minister Kostus Hatzidakis, describing the lawsuit as “the success of not only the Government, but also of all Greeks.”
Moody’s announced an upgrade to Baa3 with Ba1 late on Friday. He cited public finances that “improved faster than we expected” as a key factor of his decision.
The Agency emphasized the national attitude of politics, institutional improvements and a stable political environment by saying that she expects Greece To “continue to lead significant primary excesses that will constantly reduce its high debt burden.”
Although the rating agencies began to return Greece to the investment rating in late 2023, the good news welcomed the relief of the government, which was hit by strikes and protests for weeks of surrender for weeks Deadly railway disaster Two years ago.
Hatzidakis gave objections for hours before the portfolio handed over to a colleague of cabinet kyriakos Pierrakakis at the oath ceremony later on Saturday, the day after the government published a re -mixing.
“Moody’s Baa3 upgrade to Baa3 indicates the last step in returning our investment class of all major assessment agencies, emphasizing the significant progress of Greece,” said Prime Minister Kyriakos Mitsotakis in the Internet post on Saturday.
“We are still dedicated to reforms that attract investment, create jobs and trigger sustainable growth,” he said.
Greece in 2010 spiral in crisis and got Three international rescue In order to avoid bankruptcy and improve their public finances by consecutive and strenuous programs of savings imposed by the EU lenders and the International Monetary Fund.
The state debt as a percentage of gross domestic product has peaked in 2020, increased above 200%, but since then it is constantly falling and it is expected that this year it will fall below 150%, according to Greek Central Bank projections.
Moody praised the government’s efforts in reducing debt.
“Over a few years, Greek public finances have surpassed our basic expectations, which increases our belief that Greek debt will remain on a firm path down,” the said.
“These improvements are also due to constant income from costs and tax revenues that quickly grow up in the light of current institutional improvements in tax and payment respect.”
