Monday November 24, 2014 Search
Weather | Athens
18o C
10o 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)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Olympiakos ends PAOKs unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Key general meeting at OLP on Tuesday
6. Agenda
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
5. Every age has its collaborators
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.