![Waiting for Fitch to start off this year’s ratings race for Greek economy](https://www.ot.gr/wp-content/uploads/2023/01/ot_ratingslight.png)
The eyes of the government financial staff are focused on Greece’s meeting with the Fitch rating agency today. Some analysts are not ruling out an upgrade to ‘BB+’, although the odds are leaning towards the ratings agency waiting until national elections, which are scheduled to be held by July. The government has set a target for the upgrade within 2023 and analysts’ expectations put the time frame after the summer as the target. The main reason is the increased likelihood of consecutive elections due to the change in the electoral system, which increases electoral uncertainty and scenarios for a third round at the polls.
In the 2009 crisis, Greece was downgraded to “junk” and the rating agencies took the country out of the markets and rendered it unable to borrow. From then until today, despite Greece’s exit from the Memorandum, Greek bonds have not managed to reach their pre-crisis ratings. Since 2019, Greece has been upgraded 11 times.
The causes of inflation in Greece
Fitch has rated Greece to BB since 2020. It is two notches below investment grade, while last October it upgraded the country’s outlook from stable to positive. This move has fueled expectations that it may signal a possible upgrade in 2023. The strictest ratings agency is Moody’s, which is still set in November 2020 and on the double, then, upgrade to the Ba3 scale, three notches below investment grade. Since then, it has postponed the assessment four times. It is noted that Standard & Poor’s upgraded Greece by one notch to “BB+” with a stable outlook (one step before investment grade).
International analysts do not rule out the possibility of achieving investment grade before the elections. The key date is April 21st, when it will be S&P’s turn. Because the Greek economy is one step away (from the investment stage) in terms of the S&P and DBRS scales. For Fitch it is two notches and for Moody’s it is three away. That is, the overall rating is one notch below the minimum investment grade of BBB-.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
![OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece](https://www.ot.gr/wp-content/uploads/2024/05/ΟΤΕ-Group_1-600x450.jpg)
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country