Wall Street Journal editorial: “A Greek Economic Revival”
The Wall Street Journal editorial board published an article lauding the surprise comeback of the Greek economy titled “A Greek Economic Revival”. The piece stressed that the tax cut policies and deregulation measures have boosted the country’s economic prospects which is confirmed by last week’s ratings upgrade by Fitch to BB.
From the WSJ:
You’ll never guess which European country recently earned a credit-rating upgrade: Greece. Yes, that Greece. The eurozone’s perennial laggard suddenly finds itself six months into a remarkable economic turnaround.
Fitch on Friday upgraded Athens’ government debt one notch, to BB, and signaled more optimism about the economy and government finances. Athens remains two levels below investment grade in Fitch’s eyes, but investors are more bullish. The yield on Greek sovereign bonds fell to an all-time low of about 1.15% Monday, compared to 1.04% for Italy.
Investors also think Athens’s goal of 2.8% GDP growth this year and 3%-4% growth beyond that is obtainable. The stock market surged 49% in 2019, mostly in the second half of the year. Business confidence is higher than in the eurozone overall, and unemployment of 16.6% in October was the lowest since 2011.
Source:Wall Street Journal editorial: “A Greek Economic Revival” wsj.com
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