The credit rating agency Moody’s today upgraded the outlook for the Greek economy to positive from stable, while confirming its Ba1 rating.

In any case, the US rating agency did not give the country an investment grade.

The positive assessments from Moody’s are a response to nihilistic criticism, Hatzidakis says

The Minister of National Economy and Finance, Kostis Hatzidakis, made the following statement after Moody’s announced the upgrading of the prospects of the Greek economy:

“Moody’s today proceeded to upgrade the outlook of the Greek economy for three main reasons which, as it notes, are the following: faster growth, better than planned fiscal performance which is mainly attributed to the measures to limit tax evasion and the further strengthening of the banking system.
This is the second upgrade of the economy’s outlook by an international rating agency after the corresponding move by DBRS last week.
Moody’s notes that the Greek government has demonstrated a strong commitment to fiscal prudence and has implemented a series of fiscal reforms in recent years (digitalization of AADE, electronic invoicing, interconnection of POS with cash registers) that have boosted revenues. It also points out that higher primary surpluses – possibly coupled with stronger real and nominal GDP growth – will in turn support faster debt reduction.
While in relation to banks, the house underlines that the health of the Greek banking system has already improved significantly in recent years and Greek banks are now closer to the EU average in terms of capitalization, profitability and non-performing loan ratios.
Moody’s rating is yet another response to those who insist on nihilistic criticism of the government’s economic policy. A policy which the government will continue at a faster pace, not only because it is recognized abroad but mainly because citizens see every day its positive results in growth, incomes, the reduction of unemployment and the fair distribution of tax burdens».