Greece's Economic Comeback Continues with Credit Rating Boost

12:34 7/12/2024 - Πηγή: iEfimerida

Greece has reached a significant milestone in its economic recovery, securing a credit rating upgrade from Scope Ratings to BBB with a stable outlook.

The positive development marks the first upgrade within investment-grade territory since the country's financial crisis and signals growing international confidence in Greece's economic management.

Scope

Ratings attributed the upgrade to several key factors, including a substantial reduction in public debt, improved resilience in the banking sector, and robust economic growth fueled by EU funding and structural reforms. 

Greece's public debt has fallen dramatically from its peak in 2020 and is projected to continue its downward trend in the coming years.

Minister of National Economy and Finance Kostis Hatzidakis celebrated the upgrade as a "success for all Greeks," particularly in the context of global economic uncertainty. 

He emphasized that this achievement validates the government's fiscal strategy and strengthens Greece's position as a credible economic force.

This credit rating upgrade brings tangible benefits for Greece. It promises more favorable borrowing conditions for both the public and private sectors, paving the way for increased investment, job creation, and higher wages. 

It also solidifies Greece's return to financial stability, placing it alongside advanced global economies after years of challenging reforms and austerity measures.

The positive news follows similar upgrades from other credit rating agencies, confirming Greece's remarkable economic recovery and resilience. The upgrade serves as a beacon of optimism for Greece's economic future and its increasingly important role in the global financial landscape.

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