A new chapter has begun for Greece as the nation rejoices over a pivotal moment in its economic journey. On Saturday, the Greek centre-right government welcomed a significant upgrade in credit rating by Moody’s, marking the end of a 15-year period where the country's bonds were considered speculative due to the severe debt crisis. The finance minister, Kostis Hatzidakis, emphasized that this milestone symbolizes Greece's return to stability within Europe and represents the collective success of all Greeks. This achievement highlights not only governmental efforts but also underscores the resilience and determination of the entire population.

Moody’s decision to elevate Greece’s credit rating from Ba1 to Baa3 reflects substantial improvements in public finances. According to the agency, these enhancements have surpassed initial expectations, driven by effective fiscal policies and institutional reforms. Furthermore, the stable political climate has bolstered confidence in Greece's ability to maintain primary surpluses, gradually reducing its high debt levels. Despite facing criticism recently over a tragic rail disaster, this upgrade provides much-needed reassurance for the administration. Just before transferring his responsibilities to Kyriakos Pierrakakis, Hatzidakis expressed pride in achieving investment-grade status across all major rating agencies, underscoring Greece's impressive progress.

The prime minister, Kyriakos Mitsotakis, reiterated the government's dedication to implementing reforms aimed at attracting investments, fostering job creation, and ensuring sustainable growth. Since spiraling into financial turmoil in 2010, Greece endured multiple international bailouts accompanied by stringent austerity measures. However, through perseverance and strategic planning, national debt relative to GDP has significantly decreased since peaking at over 200% in 2020. By 2025, it is anticipated to fall below 150%. Moody’s recognition of Greece's consistent efforts to manage expenditures while enhancing tax compliance demonstrates the nation's unwavering commitment to fiscal responsibility and long-term prosperity.