May 4, 2024

Athens News

News in English from Greece

Fitch has upgraded Greece’s rating to BBB. How did the Greeks react to this?


Following the upgrade of Greece’s credit rating and the restoration of its investment grade, announced by the American agency Fitch, the Greek Internet was on fire. Thousands of Greeks have one question: “How will this affect their own pockets?”

Residents of Greece are asking the question: “More investment will come for what? To take away our homes?” How can they forget about the lies, the outrageous obscenity, starvation wages and tax extortions, because the government considers the citizens of the country… Rockefellers.

Greek Minister of Economy and Finance Kostis Hatzidakis writes in X:

https://twitter.com/K_Hatzidakis/status/1730710651016724762

“The upgrade of the Greek economy by Fitch formalizes Greece’s transition to investment grade in terms of credit rating. This is a great national success! Fitch became the third – out of four recognized by the ECB – rating agency to assign our country investment grade in recent months. This fact indicates progress of the Greek economy and the even more positive prospects that are opening up thanks to the implementation of our policies. This also creates the conditions for a further increase in investment flows, improved financing conditions for the economy, economic growth and increased employment. I underline the remarks of the House of Representatives on the record debt reduction of 65 percentage points GDP, from 205% during the pandemic to 160.8% this year and 141.2% of GDP in 2027. Comments were also made on fiscal responsibility policies, which, among other things, provide the necessary resources for permanent and exceptional social policy measures Projections for strong growth and political stability in the coming years. Progress in the banking sector. Today’s rating increase is an important step that will take our country even higher, continuing to combine a serious approach to the budget with social sensitivity.”.

His post is commented on with harsh and often offensive words:

“What update, idiot? Are you kidding me? People don’t have enough food, but everything is fine. Fitch has upgraded our rating. You’re all happy.”


“Do you want to tell us how much foreign direct investment has fallen? Do you want to tell us about the development of fixed investment in the country? About the trade deficit? I’m not even asking about the purchasing power of our citizens and the state of our economy.”


“I write again: with 170% of the debt from GDP, we are celebrating an increase, while with 120% of the debt in 2010, when you signed the memorandums, we were all in danger.”


“We are drowning in professional debt, and you are flying in the clouds. What Ναυτεμπορική writes about this: “400 billion debts from Greek enterprises.”


“https://twitter.com/TassosP2/status/1731006470731280568

Do you like that the only people investing in our country are the scavengers? No serious company comes here to invest, employ people, or ensure growth. What should we do with Fitch?”


  • “75% have limited the number of exits from home (tavern, restaurant, cinema, etc.)
  • 71% do not turn on heating in winter
  • 60% ask for loans from friends and relatives
  • 49% live below the official poverty level
  • 47% cannot meet the basic needs of the family
  • 48% stopped buying (sharply limited) meat
  • 38% have reduced their spending on food due to rising prices.”

“Has the tax office ever come to check?

  • 2015 minister Kostis Hatzidakis had 15 properties
  • 2016 – 27 properties
  • 2012 had 5200 euros in the account
  • 2016 on account 1,600,000 euros.”


“What update? The only update we see is the amount of real estate you have acquired over the years! Only funds are growing in this country and the Greeks are suffering and I WANT TO KNOW WHY! I pay you, you are responsible for keeping us safe and prosperity!”.


https://twitter.com/f___theWEF/status/1730872598404198595

“When you go to the supermarket and see that olive oil costs 20 euros per liter and milk is not available for your child, just refer to #investment_grade and everything will be fine.” #Fitch”


“We’ve been upgraded by Fitch. Now we’re going to be rich. And don’t laugh, okay?”


“Authorities are planning tax reforms in 2024 that will generate additional revenues of 600 million euros,” said a report from Fitch, which last night gave Greece an investment grade rating of BBB- with a stable outlook, compared with BB+ with a stable outlook. In other words, the unfair tax that freelancers must pay was prepared in advance for this, and despite its election promises to reduce taxes rather than raise them, the strong reaction of the entire population, rallies and strikes, the government is not going to back down.”.


“-Did he hang himself? -No, he was promoted. #Fitch – executioner rating.”


“We may find ourselves at the bottom on all positive socio-economic indicators, such as disposable income, purchasing power, nominal income, etc. And at the top on negative indicators, such as housing costs, stress and depression levels, costs of overeducation etc. But Fitch upgraded our rating.”





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