Credit rating agency S&P has confirmed Greece’s credit rating at BB+ and upgraded its outlook to positive from stable.

S&P says Greece’s structural reforms and economic resilience as well as support from the EU have improved public finances and financial sector stability.

“Following the fastest fiscal adjustment in the EU in 2022, Greece’s primary balance has returned to surplus and we expect further fiscal improvements in the coming years,” he noted in his statement.

Investment rose to 21% of GDP at the end of 2022, up 9 percentage points over the past three years. “We expect this trend to continue, anchored in the €30.5 billion of Recovery and Resilience Fund resources available for Greece… Thus, we have revised the outlook for Greece to positive from stable, confirming the BB+/B rating “, notes the house.

In his announcement, Finance Minister Christos Staikouras notes the following:

“The rating agency “Standard & Poor’s” proceeded to improve the perspective of upgrading the Greek economy (outlook) to “positive” from “stable”.

Thus, it becomes the second international rating agency, which in 2023, places the country half, barely, a “ladder” before the investment level.

This is yet another very positive development, which follows the 12 upgrades of the Greek economy in the last 4 years or so, despite successive, exogenous crises.

Evolution that is the fruit – and, at the same time, certification – of the Government’s responsible, efficient and socially fair economic policy, the visionary publishing strategy, the maintenance of cash reserves at safe levels and the implementation of essential structural changes that lead the country forward.

It comes, in continuation of the official statistics, which were announced today and confirm, that Greece achieved the biggest – pan-European – fiscal improvement in 2022, despite the fact that the social support measures were among the most generous in Europe.

Specifically, last year our country managed to reduce the primary deficit to zero, even recording a small primary surplus, increase its GDP by 26 billion euros and reduce its public debt by 23% of GDP.

So, it becomes clear that the Greek economy has turned the page.

It moves, unwaveringly, on the path of fiscal stability and responsibility, ensuring the conditions for the continuation of the dynamic development path that the country has entered.

Today’s move by S&P demonstrates the drastic improvement in the credibility and prospects of the Greek economy.

It also confirms that if the current prudent and effective economic policy continues, the large national goal of reaching investment grade by 2023 is entirely feasible and realistic.”