In a surprise move, ratings agency Moody’s upgraded Greece‘s credit rating to B3 from Caa2, maintaining the positive outlook. Moody’s cited “material fiscal and institutional improvements” under the current adjustment programe, which will be sustained in the coming years. This should support economic recovery and banking sector.
Furthermore, Moody’s said in its upgrade report Greece‘s “‘clean’ exit will be supported in the near term by a substantial cash buffer and over the medium to long term by the strong commitment of Greece‘s euro area creditors to providing further debt relief.”
Moody’s upgrading has had positive reactions not only by the Greek government.
Moody's upgrade calms bond yields #Greece HT @Investingcom pic.twitter.com/wufjRUmMtm
— Derek Gatopoulos (@dgatopoulos) February 22, 2018
Apparently after #Moody’s upgrade investors are buying Greek bonds.. People never learn. Greek risk is totally miss-priced here! #Greece #this_time_its_different pic.twitter.com/2s7nXRcWKs
— Michael (@mnicoletos) February 22, 2018
Retweeted Russian Market (@russian_market):
MOODY'S UPGRADES GREECE'S RATING TO B3 FROM Caa2 pic.twitter.com/y11vJwrYa9 https://t.co/ZnCVT3kZys
— MacGyver (@PikosApikos2394) February 22, 2018
PS Let’s see when these recent positive economy news will reach also the average Greek.
The ‘recent positive economic news’ is not intended for the average Greek (who must continue to stump up for the “debt”) but for the looters. Moody is just indicating a green light for its clients and hedge funds.