“This is the 12th upgrade of the Greek economy in the last 3.5 years, despite successive, exogenous crises”, notes Finance Minister Christos Staikouras.
The international credit rating agency Fitch Ratings upgraded the Greek economy from BB to BB+, with a stable outlook. With this decision, the international house places Greece just one step below investment.
In its report, Fitch says, among other things, that it now expects better deficit and debt performance in 2022-2024 due to higher growth, better budget execution and a favorable debt service profile.
Christos Staikouras: “The national goal of reaching the investment grade within 2023 is achievable”
“This is the 12th upgrade of the Greek economy in the last 3.5 years, despite successive, exogenous crises”, notes Finance Minister Christos Staikouras.
“This upgrade, adds Mr. Staikouras, confirms that the national goal of reaching investment grade within 2023 – with multiple benefits for society and the economy – is achievable.”
The full announcement of the finance minister:
“Fitch Ratings today upgraded Greece’s credit rating by one notch.
Thus it becomes the fifth rating agency, and the third among those eligible by the European Central Bank, which places the country just one “step” before the investment grade.
This is the 12th upgrade of the Greek economy in the last 3.5 years, despite successive external crises.
The above positive development is yet another fruit – and, at the same time, certification – of the responsible, economically efficient and socially just economic policy of the Government, the far-sighted publishing strategy, the maintenance of cash reserves at safe levels, the implementation of structural changes, the improvement of composition of the GDP through the significant increase in investments and exports, the drastic reduction of “red” loans in the banks’ portfolios, the reduction of unemployment and the forward-looking utilization of European resources, primarily from the Recovery and Resilience Fund.
Today’s upgrade also confirms that the national goal of reaching investment grade by 2023 – with multiple benefits for society and the economy – is achievable.”
RES-EMP
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