Did you think Greece was still struggling to recover from its financial crisis a decade ago? Well, think again. The New York Times paints a different picture, describing the country’s economy as “booming.” Greece’s economic growth is now twice the eurozone average, with unemployment dropping from nearly 28% to 11% in the last decade. This summer, tourists injected over $20 billion into the economy, and major corporations, like Microsoft with its $1 billion data center, are once again investing in Greece.
Moody’s also holds a positive view of Greece’s progress. After downgrading the country’s bonds to junk status in 2010, Moody’s recently upgraded the rating from Ba3 to Ba1. This puts Greece just one step away from investment grade, a rating that DBRS Morningstar had already upgraded Greece to. The European Central Bank considers ratings from these four agencies, and Standard and Poor’s and Fitch are expected to follow suit by the end of the year. However, the situation remains complex. Greece’s debt to GDP ratio still stands at a staggering 166%, and austerity measures continue to impact residents’ lives. Read their stories here. (Read more Greece stories.)
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