Tuesday Jul 29, 2014 Search
Weather | Athens
31o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Moody’s revises growth forecast

Thursday’s report by Moody’s highlighting positive developments in Greece’s fiscal health and the local credit sector is being viewed by market analysts and government officials as a prelude to a credit rating upgrade.

The international ratings agency revised its growth estimate for this year in Greece from 0 to 0.4 percent and considers the fact that there was a primary budget surplus of 711 million euros against a target for 208 million in the January-May 2014 period as a credit positive for the country.

Figures showing that funding of Greek banks by the European Central Bank and the Bank of Greece (via the emergency liquidity assistance system) was reduced 18.2 percent in May from April to reach 50.7 billion euros were viewed as another credit positive. The decline amounted to 40.6 percent on an annual basis.

Moody’s is expected to issue its next assessment of the Greek economy on August 1. According to its analysts, the reason it decided to qualify fiscal developments as credit positive at this point is that the budget execution beat its targets despite the adverse political environment stemming from last month’s local and European elections. The analysts noted that the targets were beaten as a result of improved tax administration and containment of expenditure.

Another significant factor for the Moody’s verdict was the economy’s recovery after six years of serious economic contraction. After all, this is the first time in the last six years that Moody’s has predicted gross fixed capital investments will make a positive contribution to growth, mainly thanks to the increased absorption of resources from European Union structural funds and the restarting of major highway projects.

ekathimerini.com , Thursday June 19, 2014 (23:38)  
Great margin for growth in exports
Parliament’s Budget Office says third bailout may be needed
Ryanair ‘not particularly interested’ in Cyprus Air
August 2 expected to be Greek tourism’s D-day
Ministry appeals to keep limit on prescriptions
Faced with the prospect that its attempts to rein in spending on medicines will be scuppered, the Health Ministry appealed on Monday against a Council of State ruling to temporarily suspend ...
Universities aghast at new schools opening
University officials have decried the government’s decision to open two new departments at the same time that funding for the tertiary institutions continues to be slashed. It emerged that t...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Weighing all the factors
Certain people in the know continue to believe that snap elections will take place in the fall. Prime Minister Antonis Samaras is obviously aware of this trend, which is why he told Parliame...
EDITORIAL
Clear rules, for everyone
If we want to deal with the economic crisis, we need clear rules. A large number of individuals and businesses have amassed huge debts they cannot service. And some worrying symptoms have al...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ministry appeals to keep limit on prescriptions
2. Great margin for growth in exports
3. Universities aghast at new schools opening
4. Greece to hold next talks with troika in Paris, not Athens
5. Anastasiades sees lack of progress on Cyprus talks
6. Supreme Court deputy prosecutor says ex-finance chief should be tried over ‘Lagarde list’
more news
Today
This Week
1. Defense Minister Avramopoulos to represent Greece at European Commission
2. Tree collapses in village square, killing nine-year-old boy
3. Euro inflation seen testing ECB patience as stimulus takes time
4. Minister mulls fixing food and drink prices at non-private beaches
5. Maziotis moved to Diavata Prison in Thessaloniki
6. Multi-bill containing prior actions ready for Parliament
Today
This Week
1. Climber dies in Mount Olympus fall
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Unequal after death
4. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
5. Quadriplegic woman on life support 'dies due to unpaid power bills'
6. Front-line threats
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.