Tuesday September 2, 2014 Search
Weather | Athens
29o 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)  
Cheap energy pulls down eurozone producer prices in July
Greece sells 1.14 bln euros of 6-month T-bills, yield eases
New committee formed to assess progress of deregulation in closed-shop professions
Tourism targets rise ever higher
Reforms to dominate Greek talks in Paris, debt relief talks later, says source
Greece hopes to assuage concerns it is slipping up on reforms during talks with European and IMF inspectors in Paris this week, with debt relief talks unlikely to start until October, a seni...
Trial over 2013 murder of pawn merchant starts in Athens
The trial over the April 2013 murder of a 30-year-old man running a family-owned pawn shop in the suburb of Dafni began on Monday with the four defendants admitting to their role in the deat...
Inside News
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
SOCCER
Unlikely pair on the Super League summit
Veria and Atromitos are sitting pretty at the top of the Super League after the second round of games thanks to their away wins that made them the only clubs to have six points, as champion ...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the people’s favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Cheap energy pulls down eurozone producer prices in July
2. Greece sells 1.14 bln euros of 6-month T-bills, yield eases
3. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
4. Greece defender Papadopoulos fires parting shot at Michel
5. Unlikely pair on the Super League summit
6. Trial over 2013 murder of pawn merchant starts in Athens
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Moderating expectations
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Trial over 2013 murder of pawn merchant starts in Athens
6. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.