After the three consecutive upgrades of Greece, from Moody’s – DBRS in March and S&P in April, their dance evaluations her Greek economy The European Central Bank recognized for the first half of 2025 is completed in the coming weeks.
Next Friday, May 16th, Fitch will announce his verdict for the Greek honor and after two weeks, on May 30, SCOPE will follow. Their ratings will be made amid a positive course of the Greek economy, with growth rate expected in 2025 to remain higher than that of the eurozone and primary surpluses well above the target due to high tax evasion revenue.
Fitch gave Greece the investment grade (BBB – with fixed prospects) in November 2023, but did not upgrade the evaluation or prospects last year.
On the contrary, S&P, which gave Greece the investment level shortly before Fitch (October 2023), last year upgraded its prospects to positive and this year in April upgraded its debtor to BBB.
In the BBB upgrade, that is, within the investment grade, DBRS and Scope had also advanced earlier. All three of these houses particularly emphasized the expected decline in Greek public debt fastest.
Revenue from tax evasion measures – such as the connection of cash registers to POS and AADE, the compulsory use of POS by all professional teams, mydata, etc. – are now permanent, which facilitates the country’s fiscal adjustment, as S&P said in April.
S&P noted that it has upgraded Greece because of its steadfast budgetary discipline. In addition, he noted that his forecasts continue to show positive profits from the growth of the public fund and that “this gives the government substantial fiscal flexibility for selective measures”.
The fact that a few days later Eurostat announced that Greece’s primary surplus was 4.8%last year, ie twice the target, has boosted expectations to reduce public debt, and this will obviously be taken on ratings, both in the forthcoming of Fitch and SCOPE.
In the direction of a steady and significant reduction in public debt, the moves made by the government and the ODRNH for the early repayment of the loans that Greece had taken with the first memorandum.
The Minister of National Economy and Finance, Kyriakos Pierrakakis, announced that these loans would be repaid prematurely by 2031 instead of 2041, which is normally projected to expire, with the payment of 31.6 billion euros, in addition to € 21.3 billion already repaid.
With this move, the government has passed a message of further safeguarding for evaluation agencies, European institutions and the international investment community that it is moving in time to further reduce financial needs after 2032.
The positive prospects of Greek public debt are also reflected by the continued reduction in spreads of Greek government bonds over all other eurozone countries, which in some cases are significantly lower than countries with lower debt and higher credit rating.