On November 29, Moody’s upgraded the Greek sovereign rating by two notches, Agence France-Presse reports. Thus, the country moved up from the lowest C position to Caa3 with stable outlook.
Moody’s believes that the crisis-hit Greece’s economy is bottoming out of the 6-year recession. In particular, the specialists cited better balance sheet, more optimistic medium-term outlook, and considerable decrease in debt burden as a result of economic adjustment program.
The good news about Greece’s credit grade increase came from Yannis Stournaras speech on Friday. The Finance Minister said that the government aims to conclude a deal with the “troika” – the EU, IMF, and ECB – on another 1 billion euros bailout.
Greek GDP slipped into negative area yet in 2008, while unemployment rate hit the record level in 2013 – every third Greek was unemployed. The country has been propped up by a 240 billion euros aid tranche since 2010. The bailout talks began in September 2013 in the wake of anticipated financing deficit in 2014.
