Fitch Ratings on Tuesday upgraded Greece’s sovereign credit rating to ‘B-‘ from ‘CCC’, citing the country’s progress in rebalancing the economy, while achieving some “semblance of political and social stability.”
Though Greece’s credit status still remains six levels below investment grade, the one-notch upgrade reflected the improved outlook on the economy, which has languished in junk territory since 2010.
For the third time this year, Greece’s coalition government has invoked an emergency law allowing for compulsory civil mobilisation, in order to prevent secondary school teachers from going on strike ahead of important university entrance exams, reported Reuters.
Debt-laden Greece has made tremendous progress to improve its finances but must do more to fight its “notorious” tax evasion if the country is to remain on course to reduce its budget deficit, the International Monetary Fund said on Monday.
Austerity measures in Greece have severely reduced citizens’ access to jobs, health, water and energy, said a United Nations expert on Wednesday, urging the Greek government and its international bailout lenders to adopt a human rights-based approach to economic reform, amid record unemployment and reduced welfare benefits.
Greece’s government intends to “exhaust every means available” to claim additional World War II reparations from Germany beyond a 1960 agreement, confirmed its Foreign Minister Dimitris Avramopoulos on Wednesday, in a move that could place further strains on its relations with Berlin, who have bore the largest part of Greece’s 240 billion euro rescue.
The Greek government on Thursday promised “swift and exemplary” punishment for three strawberry plantation foremen from the village of Manolada, after the farm owners allegedly opened fire on some 200 Bangladeshi migrant workers, who had refused to go to work following six months of unpaid wages.
Greece has reached an agreement with international creditors on its economic recovery efforts, paving the way for the disbursement of 8.8 billion euros in bailout money as well as a return to growth in 2014.
Speaking at a nationally televised address, Greek prime minister Antonis Samaras on Monday confirmed that a deal was reached and said it translated into 2.8 billion euros ($3.7 billion) in bailout loans pending since March and “opened the way” for another 6 billion euros scheduled in May.
Greek citizens and politicians on Wednesday praised the Cypriot parliament for standing up to its foreign lenders’ demands, with the government also set to lead a takeover of local units of Cypriot banks in order to shield the Greek economy from any repercussions, reported the Greek Reporter.
The Greek economy shrank by an annual 5.7 percent in the final quarter of 2012, revealed official data on Monday, meaning that the country has seen a 20 percent slump in real GDP since the financial crisis first broke out in 2008.
According to the Hellenic Statistical Authority (ELSTAT), Greece’s economy has been shrinking since the third quarter of 2008. The latest figures though represented the smallest contraction for the year, with the first, second and third quarters posting 6.7 percent, 6.4 percent and 6.7 percent declines respectively.
Greece’s government has accused more than 50 leading pharmaceutical companies of cutting key medical supplies to the country, as hundreds of consumers queued desperately in front of pharmacies this week in order to look for prescription drugs that hospitals could no longer dispense.
According to The Guardian, more than 200 medicinal products were affected by supply cuts, while around 300 drugs are now in “very short supply” as a result of the pharmacy run.
