Greece Only One Step Below Investment Grade Status

January 29, 2023

ATHENS – Credit ratings agency Fitch has raised Greece’s rating from ‘BB’ to ‘BB+’, in a report released late Friday.

The upgrade puts Greece one step below the desired investment grade status.

Welcoming the upgrade, Greek Finance Minister Christos Staikouras said that it “confirms that the national goal of reaching investment grade [status] within 2023 -with multiple benefits for society and economy- is achievable.”

This is “the 12th upgrade of Greece’s economy in the last 3.5 years, despite successive external crises,” he added.

In its report, Fitch predicts a further reduction in the country’s deficit to 1.8% of GDP in 2024 from 3.8% predicted for 2022, in part due to the optimization of the Greek government’s temporary support measures. This shows an improvement in the primary balance of 2.5 percentage points, to a surplus of 0.9% in 2024, and a balanced position for Greece in 2023. There is, Fitch notes, some uncertainty about fiscal policies after the upcoming national elections, but risks are mitigated by the broad commitment for fiscal prudence and recent performance in this area, the agency added.

Fitch forecasts a growth rate of 0.9% for the Greek economy in 2023 and 2.3% for 2024, revising its estimates upwards from its last assessment in October 2022, as the balance of risks has improved, it noted, particularly due to the recent reduction in whoselale energy prices, and limited prospects for rationing energy distribution in Europe.


ATHENS – Among the most prominent shipowners of their different generations, Dimitris Manios (1952-1995) and Michael J.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


2 Germans, a Spaniard and a Senegalese Killed in Building Collapse in Spain’s Mallorca Island

MADRID (AP) — Spain's National Police on Friday gave details on four people killed when a building housing a bar and restaurant club collapsed on the island of Mallorca.

BOSTON – Crowds flocked to the Greek Festival of the St.

The news about air travel lately hasn't been pleasant.

Beyond the issues in Crete and our own in America, as we wrote in our ‘Analysis’ in last week’s edition, Patriarch Bartholomew has unfortunately ensnared himself in problems with the majority of local Orthodox Churches worldwide, with few exceptions such as those of Greece, Alexandria, and Cyprus, due to the granting of Autocephaly to Ukraine, which has proven to be ill-timed and ill-suited.

RETHYMNO – Domisi Development CEO Stavros Kapetanakis spoke with The National Herald about the Crete-based company that designs and builds detached houses and tourist complexes and about Crete Holiday Home.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.