Moody’s raises Greece’s rating as reforms bring progress

9 November 2020
257 Views

Moody’s Investors Service raised Greece’s sovereign credit rating by one notch, despite the negative effect of the pandemic on the economy and the new three-week lockdown that started on Saturday morning.

The Mediterranean country’s long-term foreign-currency debt was upgraded to Ba3 with a stable outlook from B1, the first change since March 2019. “Ongoing reforms support a sustainable improvement in institutional strength and have already brought tangible progress in areas including tax administration and compliance and the fight against corruption,” Moody’s said in a statement.

The Moody’s decision, “which came in the midst of a global recession, is a strong vote of confidence in the growth prospects of the Greek economy post Covid,” Prime Minister Kyriakos Mitsotakis said in a Twitter post Saturday.

The Greek government won international praise for its handling of the first phase of the pandemic in the spring. Following a surge in the number of coronavirus cases over the past week and a continuous increase in the occupancy rate of intensive-care units, the government decided to impose a new lockdown until the end of November in an attempt to return to a “relatively normal December,” the premier said Thursday.

Source: Bloomberg

You may be interested

Senior high schools across Greece to open on April 12
GREECE
shares52 views
GREECE
shares52 views

Senior high schools across Greece to open on April 12

Panos - Apr 08, 2021

Senior high schools across the country will open on April 12 with both students and teachers obligated to take Covid-19…

“Dear God, Please help me to hate White people”, writes African-American theology Prof. in prayer book
WORLD
shares64 views
WORLD
shares64 views

“Dear God, Please help me to hate White people”, writes African-American theology Prof. in prayer book

Panos - Apr 08, 2021

A seminary professor wrote a prayer in which she asks God to help her “hate White people.” Chanequa Walker-Barnes is…

Joint military exercise wth Greece, France, and Cyprus
DEFENCE
shares356 views
DEFENCE
shares356 views

Joint military exercise wth Greece, France, and Cyprus

Panos - Apr 08, 2021

A small-scale military exercise with the participation of Greece, France, and Cyprus, was conducted today, in the framework of the…

Leave a Comment

Your email address will not be published.