Debt
New assessments of Greece’s debt rating begin in September
A new round of ratings assessments for Greece's debt will begin in September. DBRS will start on September 6, followed, a week later, by Moody's, the only one of the credit rating agencies that has not bestowed an "investment grade" rating on Greece.
Positive incentives
The "favorable arrangements" announced by governments always concern those who have not been consistent with their obligations toward the state and need a second chance. The state is doing well to grant it to them.
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Hint of future debts can spur tax officials to action
Debtors to the state should have a reason to worry. Tax authorities are not only ready to pounce regarding existing debt, by freezing bank accounts and garnishing wages, but will also move against people with the potential not to pay their direct or indirect taxes.
Consumer loans’ comeback
Consumer credit had been expanding at a 30% clip during the first half of the year, boosted by strong consumer demand and car sales, up 6.5% during the first six months of 2024.
Bank data show that disbursements of consumer loans nearly reached €650 million during the first half compared to €500 million during the same period in 2023.
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The major debtors to the State: Famous names and ghosts from the past owe €123 billion in taxes
Analysis of the €123 Billion Debt
According to lists released by the Independent Authority for Public Revenue (AADE) a few days ago, the debts of individuals and legal entities to the State and EFKA amount to €123 billion. These are debts from so-called major debtors, those who owe over €150,000 and whose payments are delayed by more than a year.
Over 500 million debts out of court settlements in July – 357 million arrangements
The upward pace of the out-of-court settlement mechanism continued, leading to a new record of 1,952 settlements for July, corresponding to €518 million in debts, according to a statement from the Ministry of National Economy and Finance.
Scope Ratings raises Greece’s outlook to ‘Positive’
German rating agency Scope Ratings affirmed on Friday Greece's BBB- rating, while upgrading the Greek economy's outlook to positive.
Greece retains capacity to service debt, European Commission report says
Greece retains the capacity to service its debt, the European Commission has said in its fourth post-program surveillance report released on Wednesday.
Cyprus gets rating boost from Fitch
Fitch Ratings as upgraded Cyprus' long-term foreign currency issuer default rating from BBB to BBB+ with a positive outlook.
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European Central Bank cuts interest rates for the first time since 2019
By 25 basis points, as expected, the interest rate cut - The downward cycle for borrowing costs begins - ECB announcement in detail