Moody's Upgrades Greece to Stable
- Written by Maria Athens
Today, Moody's Investor Service enhanced Greece's banking outlook rating from negative to stable, showcasing predictions that its 2014-2015 economy would grow, after six years of hardships.
Moody's reported: "...the gradual economic recovery, coupled with Greek banks' recapitalizations and regained access to inter-bank and international capital markets, will further ease funding pressures and lead to a gradual recovery of pre-provision profitability in 2015. In addition, the outlook also takes into account the expected deterioration in asset quality and capital metrics in 2014, although at a much reduced pace than before".
The rating firm believes Hellenic financial institutions will increasingly improve, even with consistent frail domestic demand, concerning unemployment levels and wage decreases. Moody's noted an improved financial metrics normality, over a 12-18 month time period.
The credit ranking agency predicted concrete GDP strides at 0.3% in 2014 and 1.2% in 2015, due to the export and tourism sector. Structural reforms are continuously reconstructing Greece into a more ambitious export-driven economy, versus a consumer-led growth standard.
Related items
-
War and Power in Classical Greece: Lessons for Superpowers and the World
-
The 22nd Annual Capital Link Invest in Greece Forum: "Greece – Looking Ahead With Confidence"
-
Ankara did not like the EU sanctions resolution
-
Greece ranks 5th in top tourism brands
-
Number of American students studying in Greece shows steady rise, according to institute data