The upgrading of Greece's credit rating from stable to positive by DBRS, a credit rating agency recognised by the European Central Bank (ECB), is the result of the many years of sacrifices by Greek society and the methodical initiatives of the present government, Finance Minister Christos Staikouras said in a statement released on Sunday.
He noted that the rating agency's report, which was released on Friday, has noted progress compared with its previous review of the Greek economy, quoting the relevant extract:
"Since the last rating review, progress is being made in several respects, leading to the Positive trend. A new majority government is in place with strong commitment and momentum in introducing its reform agenda. Pro-active public debt strategy has consolidated market access, and in addition, Greece is on course to pre-pay Euro 2.7 billion of relatively more expensive debt owed to the IMF. Moreover, the Hercules asset protection scheme looks set to support banks removing non-performing exposures from their balance sheets, while capital controls were fully lifted on 1 September 2019."
"The government's economic team is continuing its efforts, step by step, with its goal being to fully return the Greek economy to normality," the minister's statement said.