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.
Latest News
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted
Yannis Vardinoyannis Assumes Post of Motor Oil Board President
He succeeds his father, Vardis, who passed away last week at the age of 91
PM Mitsotakis to Bloomberg: Our Majority Is Stable, Elections To Be Held in 2027
"The government has a solid 2.5-year mandate from the people to implement its policies," Mitsotakis stated