Greece, a debt cut champion

The already very important performance recorded by Greece internationally in terms of debt-to-GDP ratio reduction will continue over the next seven years, as Moody's estimates, thanks to the strong growth of the Greek economy, the very favorable public debt profile, as well as the very good management strategy.

Despite the fact that in absolute terms the Greek debt remains high, its sustainability is particularly strong, with the "consolidation" of its downward trajectory supporting the continuation of the upward trajectory of the country's assessment, which the market has spotted and rewarded.

With Greek bond yields having "beaten" Italian bond yields for a long time, the next targets, which are Spanish and Portuguese yields, are looking more and more attainable. From around 206% of GDP in 2020, Greek debt is expected to decline this year to around 160% of GDP and...