In the coveted upgrade of Greece’s worthy The evaluation house proceeded on Friday Moody’s Ratings, the last of the ‘big’ who was still deprived of the investment level in Greek economyfinally erasing the “stigma” left by the debt crisis in the country. However, this was not the only good financial news, as Kostis Hatzidakis revealed a greater surplus and announced significant tax cuts since September.

It was June 2010 when Moody’s was “tearing” Greek debt at three levels in the “garbage” category. But 15 years later, the evaluation firm brought Greece back to the elite of investment destinations.

“It was the last house that had not upgraded Greece to the investment level. He did it yesterday, and I think in this way a very long challenge to the potential of the Greek economy. “the Prime Minister also commented today Kyriakos Mitsotakis in his statements to the Council of Ministers.

The evaluation house acknowledges that the Greek economy is now much more resistant to possible future shocks. In the scales of Moody’s, the country’s consistent fiscal over -performance for many years has been decisive in favor of Greece.

In the meantime, in the surrender of the Treasury’s scepter to Kyriakos Pierrakakis; Kostis Hatzidakis revealed That the new Ministry of Justice begins with a dowry a primary surplus by one unit higher than estimates. “I don’t want to encourage but take a risk, saying that in a month from now, when the definitive data comes out, you will see a primary surplus of about 3.5% and a 0.2% surplus”Mr Hatzidakis said.

A surplus, which precisely because it came through permanent tax evasion measures, will give the government the opportunity for significant tax cuts in September, as commented on Kostis Hatzidakis.

Debt reduction, improving bank health and institutional improvements also explain the investment level that Moody’s gave.

“And yesterday’s good news is a national success of great symbolism and prove that Greece is being exempt step by step from the latest remnants of the debt crisis”Mr Pierrakakis said for his part, with the new Ministry of Finance sending a message to the markets that Greece would remain firm in its commitments regarding fiscal targets and debt reduction.

Why is Moody’s upgrading important and what does it mean for Greece

SKAI’s financial author Chrysostomos Tsoufis told the afternoon report that upgrading from Moody’s Evaluation House has significant results and symbolic and tangible.

In terms of symbolic results, “The asterisks are leaving next to the name of Greece. We had the investment level from Fitch and Standard & Poor’s, but everyone was watching an asterisk next to Greece’s name, because Moody’s was missing. The asterisks are leaving, so the country’s credibility is enhanced. Moody’s is not a random evaluation house that was missing, it is the most important because it is the most rigorous and most respected. And as the new Ministry of Finance has commented, another bond is cut with the Memorandum era. “

As for the tangible results of the upgrade, Tsoufis notes that Moody’s decision means “More investors. There are funds that want to have an investment level of all three major ratings (Fitch, S&P and Moody’s) to invest in one country. There are funds that follow only what Moody’s says, so it’s a very important decision. Secondly, borrowing costs for Greece, which is already borrowing cheaper from Italy, is reduced to borrow almost the same as the Spaniards, the French and the Maltese. Only in 2024, it was saved – due to cheaper borrowing costs – 800m euros that the government had space to allocate in other areas. And of course the upgrading of the Greek stock market is also likely. We are currently in developing countries and may take us to developed countries, now that we have an investment level from all ratings, and this decision will mean even more investors and therefore more growth. “