Moody’s looks at debt reduction and high growth for Greece in 2022, in a new report.
Analyzing the credit prospects of the eurozone countries in 2022, the ratings agency estimates that the Greek economy will grow by 4.3% in 2022, while the Greek debt will decrease by 10.1 percentage points to reach 191% of GDP, with the reduction to be the largest of all the other Eurozone countries.
The high debt levels caused by the pandemic will be the biggest problem for economies and governments and the biggest risk for their borrowing costs, as the withdrawal of support measures and inflation increase, Moody’s points out, increase the risks surrounding growth and undermining debt burden efforts.
According to Moody’s calculations, the Eurozone economy as a whole will be 2.7% higher than pre-pandemic levels in 2022, with Greece’s most marginal performance attributed to the country’s heavy dependence on tourism (similar to the image of Italy and Spain).
Moody’s expects eurozone countries to continue to benefit from favorable economic conditions in 2022, but the big risk, however, will be high debt levels. The agency estimates that the outlook for the creditworthiness of the economies for the next 12 to 18 months is stable, driven by positive economic and monetary conditions.
A second challenge is unemployment levels, especially in countries that are deeper in the vortex of the debt crisis, such as Greece, Spain, Italy and France.
Unemployment is estimated to continue to be a factor limiting policy choices in the Eurozone in the coming years, even in an environment of strong recovery from the pandemic.
Morgan Stanley “sees” an upgrade from Moody’s
It is recalled that Morgan Stanley believes that Moody’s will upgrade Greece’s credit rating from “Ba3” to “Ba2” on Friday, thus identifying it with the “BB” ratings of the Canadian company DBRS, which is same as those of the American agencies Fitch and Standard & Poor’s.
Thus, the Greek debt is now based on the ratings of all four of these agencies which the ECB accepts on order to buy Member State bonds without exceptions and which are two “steps” away from the famous “investment grade”.
Το ψηλότερο κτήριο στην Ελλάδα, η έξοδος από το τούνελ της εποπτείας και πτήσεις με… τηγανέλαιο από το «Ελ. Βενιζέλος»
Investigative journalist first person to give testimony in high court probe of alleged leaks of confidential intel service info
Telloglou referred to previous cases of wiretapping in the country, but without naming specific individuals
Police: River isle where would-be migrants stranded not Greek territory
The Greek side called on Turkey’s border patrol to offer emergency help to the group
Mass violations by Turkish warplanes in eastern Aegean amid peak summer season
The scope of the belligerent activity of the Turkish air force was recorded throughout the eastern Aegean
48 confirmed instances of monkeypox reported in Greece
The infected individuals are all males, with an average age of 36
Minister: Upcoming WRC Acropolis Rally expected to be the best-ever
Deputy Minister Lefteris Avgenakis cited 70 participants from around the world, the most in 15 years
Ag. Min.: Green light for Nea Krini fishing boat in Thessaloniki
Public expenditure for the project amounts to 6,601,400 euros
Lamda: Total investment in McArthurGlen Designer Outlet Mall at 109 million euros
Lamda Development's total investment after the acquisition of McArthurGlen Designer Outlet Athens is estimated at 109 million euros
Circulation of new vehicles decreased in July
The Hellenic Statistical Authority - ELSTAT recorded a slight increase for new cars launched in July 2022, by 0.8%, compared to the corresponding period last year
Athens Metro turns a page this fall
The three stations of the extension to Piraeus will open to the public - Tunnel boring machines are revving up for "Alsos Veikou - Goudi" new line
Boars destroy harvests – Farmers in despair
So far, corn crops, vines, fruit and vegetable crops, tree crops (pears, apples, etc.) have been destroyed by boars.