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Economy

Coronavirus a Temporary Shock for the Greek Economy, Moody’s Says

Greece's credit profile has a tendency of improvement, which was interrupted by the coronavirus spread and which is expected to be a temporary shock, Moody's Credit Ratings said on Friday.

In a report, the credit rating agency said Greece's public finances have significantly improved in the last few years and the government which was elected last July made a positive start focusing on an investment policy. It added, however, that future governments should maintain a prudent fiscal trend for a number of years to ensure the long-term debt sustainability, along with maintaining other reforms made in the last few years and to become more deep.

Moody's said that a strong point of Greece's credit rating included a relatively prosperous population, a favorable profile of debt servicing which offers fiscal flexibility, and a significant support by the Eurozone.

"Greece's credit rating could be upgraded if the government continued implementing its commitments towards the Eurozone, including reforms leading to an improvement of business climate and strong investments and maintaining strong public finances. A new boost to improve the health of the banking system could be also positive," the credit rating agency said.

It added that a downward pressure on the credit rating could arise if the government diverged from its commitments or because of renewed tensions with official creditors.

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