Scope on Friday evening (Athens time) upgraded Greece’s long-term credit ratings to BBB- (up from BB+) and changed its outlook to stable (from positive). The rating, according to Scope, brings Greece’s credit-worthiness to an investment-grade level.
The Germany-based ratings agency referred to a “strengthening of European institutional support, a favorable trajectory of government debt and banking-sector reforms drive rating upgrade. High government debt, policy risks longer run and banking-system fragilities are challenges.
In a first reaction, Greek Finance Minister Kostis Hatzidakis took to his FB page, where he welcomed the “upgrade of the Greek economy by Germany-based Scope, noting that the return to investment grade means lower financing costs, easier investment and an additional boost to growth and jobs… Those who question the government’s economic policy … would do well to look at the ratings of two international rating agencies, which this week gave our country a so-called investment grade, Japan’s R&I and Germany’s Scope Ratings.”
In a later dispatch, Bloomberg noted that “Greece’s investment-grade status was restored by Scope Ratings, evidence of its progress in repairing public finances 13 years after it became the first euro-zone member to be cut to junk.
“Friday’s decision helps draw a line under the debt crisis that erupted in 2010 and required three international bailout programs as Greece’s membership of the now 20-member euro zone was thrown into question,” the news agency added.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.
Greece Plans to Link Golden Visa to Startup Investments
The Greek government wants to decouple the Golden Visa Program from Real Estate investments
