ATHENS: Credit rating agency Moody’s yesterday upgraded the Greek banking system from negative to stable.
“The outlook for the Greek banking system has been changed to stable from negative, reflecting expectations of a return to growth of the domestic economy in 2014-15 after six years of contraction,” the agency said in a note.
It added that the Greek economy will register real GDP growth of 0.3 percent in 2014 and 1.2 percent in 2015. It said “structural reforms are progressively transforming Greece into a more competitive export oriented economy from a consumer-led growth model.”
Greek banks in recent weeks have succeeded in raising fresh private capital after a damaging rollover of state debt in 2012.
AFP
