Tuesday September 30, 2014 Search
Weather | Athens
26o C
17o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
R&I raises Greek sovereign rating to B- from CC

Japanese ratings agency R&I has upgraded Greece to B- from CC, while retaining a stable outlook.

Greece's economy is finally bottoming out, said the ratings agency. With fiscal consolidation progressing as planned, the primary balance turned positive. Outstanding government debt is massive relative to gross domestic product (GDP), but will likely start declining within one or two years in tandem with improvement in the fiscal balance. Supported by improving funding conditions, the government's debt repayment capacity is recovering from its lowest level.

R&I, however, added a few notes of caution to its new rating. One concerns the ability of the Greek economy to grow in the coming months and years.

In addition to high unemployment rates, persistent deflation since March 2013 is a concern, it said. If domestic demand lacks strength and the economy fails to grow, it will become difficult to reduce debt as planned. R&I will pay close attention to whether the government is able to set the economy on the expected growth path by, for example, reducing bottlenecks on the supply side through structural reforms, though the Greek economy tends to be affected by economic trends in the euro area.

R&I also drew attention to the vulnerability of Greeces financial sector.

While the financial system has regained stability for the moment, the ratio of non-performing loans in the banking sector stood at 33 percent at the end of 2013, it said. It will take considerable time before the banking sector restores its ability to provide credit.

ekathimerini.com , Monday May 12, 2014 (12:09)  
EU gives more aid to farmers hurt by Russia sanctions
Greeks ruled ship market in August
Nine properties to be auctioned next week
Retail price of milk has dropped by 5-10 pct
Commissioner-designate Avramopoulos to face three-hour interview on EUs migration portfolio
Greek Defense Minister Dimitris Avramopoulos, the EU commissioner-designate for migration and home affairs, will be heard by the European Parliament's Civil Liberties, Justice and Home Affai...
Roma camp off Mesogeion Avenue set for demolition amid reactions
A Roma encampment that has stood just off Mesogeion Avenue behind the present-day Nomismatokopio metro station for the best part of 40 years is set for demolition on Tuesday, with residents ...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakoss first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Next-day jitters
It is usual for Greek governments, whether one-party or coalitions (which are normally loath to actually work together), to claim that their only real challenge is dealing with the countrys...
EDITORIAL
No sweet debt deals
The lions share of Greeces debt is held by European Union member states and the International Monetary Fund. A writedown of the European part of the debt would require the approval of the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. EU gives more aid to farmers hurt by Russia sanctions
2. Commissioner-designate Avramopoulos to face three-hour interview on EUs migration portfolio
3. Roma camp off Mesogeion Avenue set for demolition amid reactions
4. Greeks ruled ship market in August
5. Nine properties to be auctioned next week
6. Retail price of milk has dropped by 5-10 pct
more news
Today
This Week
1. Roma camp off Mesogeion Avenue set for demolition amid reactions
2. Next-day jitters
3. No sweet debt deals
4. Commissioner-designate Avramopoulos to face three-hour interview on EU's migration portfolio
5. EU gives more aid to farmers hurt by Russia sanctions
6. The shocking thought of euro-dollar parity
Today
This Week
1. Alexander the Great's tomb not at Amphipolis, says Culture Minister
2. Greece may opt for unusual president to avoid snap polls, Venizelos says
3. Woman allegedly buried alive by accident in northern Greece
4. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
5. Venizelos denies jihadis are being trained in Greece
6. Should you bet with Kissinger on where the world is heading?
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.