Tuesday Jul 22, 2014 Search
Weather | Athens
29o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Moody's upgrades Greek banks to stable

Credit rating agency Moody's on Tuesday upgraded the Greek banking system from negative to stable and said the country's economy would return to growth this year after a six-year recession.

"The outlook for the Greek banking system has been changed to stable from negative, reflecting expectations of a return to growth of the domestic economy in 2014-15 after six years of contraction," the agency said in a note.

It added that the Greek economy will register real GDP growth of 0.3 percent in 2014 and 1.2 percent in 2015

The agency said that "structural reforms are progressively transforming Greece into a more competitive export oriented economy from a consumer-led growth model."

Greek banks in recent weeks have succeeded in raising fresh private capital after a damaging rollover of state debt in 2012.

And the government in May hopes to begin debt relief talks next month with its EU-IMF creditors after achieving a primary surplus last year.

EU data agency Eurostat last week confirmed that Athens had achieved a 2013 primary budget surplus -- the balance before interest and stripping out bank support and other payments -- equal to 0.8 percent of GDP.

Earlier this month, Greece returned to medium-term international bond markets for the first time in four years.

However, Greek bonds still carry junk status, unemployment is soaring, and Athens is still saddled with a debt mountain equal to 175 percent of GDP, according to Eurostat. [AFP]

ekathimerini.com , Tuesday April 29, 2014 (17:55)  
BoG rejects single bad bank
PPC rate hikes to apply as of this Friday
Fage to increase strained yogurt production at its New York plant
Crete is most the popular Greek island
Ministers asked to sign off on prior actions so 1-bln-euro tranche can be secured
Government officials are scrambling to bundle a set of reforms Greece has pledged to the troika into a multi-bill with the aim of voting it through Parliament in early August and securing a ...
Athens seeks EU aid for migration
Public Order Minister Vassilis Kikilias and Merchant Marine Minister Miltiades Varvitsiotis on Monday accompanied visiting European Home Affairs Commissioner Cecilia Malmstrom on a tour of a...
Inside News
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
SOCCER
Standard Liege on Panathinaikosís way
The draw for the third qualifying round of the Champions League on Friday has put Belgian league runner-up Standard Liege on Panathinaikosís way to the competitionís play-offs, meaning the G...
Inside Sports
COMMENTARY
Unequal after death
The dead are dead and the slain are slain, whether they are Malaysian, Dutch, Palestinian or Israeli, whether they are the innocent victims of a civilian plane that is shot down (we still do...
EDITORIAL
Chinese investment
The relationship between Greece and China has become one of major strategic importance. Beijing threw its support behind Athens during a period when the country was going through particularl...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Ministers asked to sign off on prior actions so 1-bln-euro tranche can be secured
2. Athens seeks EU aid for migration
3. SYRIZA MEP to raise German war Ďdebtsí at Euro Parliament
4. Girl, 9, in serious condition after being hit by car in Crete
5. Man arrested for firing at police
6. Maziotis refuses to answer to magistrate
more news
Today
This Week
1. Unequal after death
2. Chinese investment
3. Climber dies in Mount Olympus fall
4. Retail chief unimpressed by results of Sunday opening
5. Greek court halts deportation of Kenyan asylum seeker
6. LAOS leader Karatzaferis recovering after emergency surgery
Today
This Week
1. China and Greece agree to further cooperation in transportation, infrastructure
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Pay-TV booms as cash-strapped Greeks shun depressing news shows
4. The cost of excellence
5. Greece seen in third bailout as bonds not enough, economists say
6. Summer storms cause problems in Thessaloniki, spread across the country
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.