Upgrade is ‘official seal’ of economic recovery, says Mitsotakis

Greece’s upgrade to investment level by S&P Global is “another official seal of the recovery of the Greek economy,” Prime Minister Kyriakos Mitsotakis has said.

“As it manifests itself in the midst of global turmoil, it confirms that our country has definitively left behind the long-standing crisis with stability, consistency and continuous progress as its weapons,” the premier said In a social media post.

The government’s programme was bearing fruit, he continued, “with investment and development, increased public wealth and reduced unemployment, thus turning collective prosperity into individual advantage, with better salaries and pensions and with daily support for the most vulnerable,” he continued.

“As Greek bonds become more and more attractive to international markets, borrowing becomes easier and cheaper for businesses and households. At the same time, the way is being opened for billions in investment funds to be directed to the country that could not come here for almost 15 years.”

The upgrade was “an additional call to stay united on the path of great changes and bold reforms for Greece in the 21st century.”

S&P Global was the first among the “big three” rating agencies to upgrade Greece to investment grade since the country’s debt crisis in 2010. It raised the country’s local and foreign currency long-term issuer ratings to “BBB-/A-3,” with a stable outlook, citing a stronger budgetary position.