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Morningstar DBRS Elevates Greece’s Credit Rating to ‘BBB’ with Stable Outlook

DBRS Morningstar has raised Greece’s credit rating to ‘BBB’ from ‘BBB low,’ citing improved banking stability and the country’s ongoing efforts to reduce its general government debt. This upgrade marks another milestone for Greece, which saw its investment grade status reinstated by DBRS in 2023, with a shift in the outlook from positive to stable.

The credit agency highlighted that Greece’s banking sector, once burdened by legacy risks, has shown considerable recovery, contributing to the country’s positive fiscal performance. Debt reduction has been a key driver of this progress. Since 2020, Greece’s debt, the highest in the eurozone, has been slashed by more than 40 percentage points, now standing at 154% of GDP in 2024, with projections for further declines.

Looking ahead, Greece is expecting a 2.3% growth in economic output for 2025—more than double the eurozone’s forecasted average. The country is also set to achieve a primary budget surplus of 2.4% of GDP, driven by strong tourism revenues and increased investments. As a result, Greece’s debt-to-GDP ratio is expected to fall below 140% by 2027, marking a significant improvement.

This credit rating upgrade is part of a broader trend of positive assessments from other major rating agencies, including S&P Global and Fitch, following a period of 13 years in the junk category. However, Moody’s remains cautious, still rating Greece just below investment grade.

Greek banks, once reeling from the debt crisis and nationalization in 2009, are now on a steady recovery path, posting profits for the first time in years. The European Central Bank gave the green light for dividend payments to resume in 2024, marking a key milestone in the country’s financial recovery.

2025: A Record-Breaking Year For Cyprus Tourism And A Strategic Roadmap For Sustainable Growth

Cyprus has witnessed an unprecedented surge in its tourism sector in 2025, a record year that has set a high benchmark for the future. At the heart of this success lies the government’s proactive strategy to maintain and amplify this positive momentum, as outlined by Kostas Koumis, the Deputy Minister of Tourism.

Strategic Vision and Regional Collaboration

During a pivotal meeting with regional stakeholders in Paphos, Deputy Minister Koumis elaborated on the challenges facing the tourism industry and unveiled comprehensive plans for 2026. Emphasizing the critical role of the Paphos region, he noted that its contributions have been instrumental in the overall success of Cyprus’s tourism narrative.

Commitment to Quality and Innovation

According to Koumis, the cornerstone of ongoing success is the provision of an outstanding tourism experience. His remarks underscored a commitment to continuous dialogue with local councils and industry participants, ensuring every destination functions seamlessly and upholds high-quality service standards. New initiatives and innovative designs for the upcoming year have been introduced, alongside proposals designed to address longstanding operational challenges.

Infrastructure Investment and Future Projects

The Deputy Minister highlighted the significant performance of Paphos, where tourist arrivals surged by over 30%, underscoring its pivotal role in Cyprus’s tourism framework. Looking ahead to 2026, he discussed the broader challenges, including pressing issues like climate change, which demand a collective response. Koumis reassured stakeholders that there have been no lapses in local coordination. Regular evaluations cover critical aspects of each destination, confirming the government’s unwavering focus on service quality.

Marina Development and Strategic Timelines

Further bolstering the country’s tourism infrastructure, Koumis commented on the progress of the Paphos Marina project. He confirmed that the project is on schedule with contract signings anticipated in the first few months of 2027—a timeline that reflects not only efficient planning but also robust investment interest.

Insights From Faidonas Faidonos

Faidonas Faidonos, another key figure in the local tourism community, described 2025 as “an exceptionally good year,” crediting the favorable data as a strong foundation for future planning. The Paphos Mayor reinforced this sentiment, stating that moving forward, the focus for 2026 and beyond should transition from sheer volume to qualitative enhancements. The goal is not merely to attract tourists but to draw visitors whose spending significantly benefits the economy.

Enhanced Service and Operational Reforms

The Mayor also outlined critical infrastructure projects for the region, including the marina, a connecting road to the Paphos International Airport, and the airport’s expansion. These projects, slated to kick off in 2026, are expected to redefine the tourist experience, ensuring operational excellence and reducing previous service challenges—such as the long queues and high temperatures noted at the airport in 2025.

In conclusion, the strategic roadmap laid out for 2026 emphasizes decisive project implementation over prolonged planning cycles, marking a transformative period for Cyprus tourism. With a clear focus on quality and sustainable growth, Cyprus is positioning itself for enduring success in the global tourism market.

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