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S&P revises Greece's outlook to 'positive' on debt reduction

FILE PHOTO: The S&P Global logo is displayed on its offices in the financial district in New York

(Reuters) -Credit ratings agency S&P on Friday revised its outlook on Greece to "positive" from "stable", saying the tight fiscal regime will continue to spur a reduction in the government debt ratio.

Greece expects economic output to rise 2.9% in 2024, following a 2.0% expansion last year, more than three times the eurozone average. It also projects a 2.1% of GDP primary budget surplus on higher investment and strong tourism revenue.

"In the medium term, and particularly if reform momentum is maintained, we believe Greece could expand faster than its eurozone peers," the agency said in a statement.

The country remains the eurozone's most indebted nation, but Prime Minister Kyriakos Mitsotakis' centre-right government, which won a second term last year, has overseen a period of recovery.

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S&P said that it expects Greece to continue to implement structural reforms that support positive medium-term economic and fiscal outcomes.

In March, the government said it will raise its monthly minimum gross wage by 6.4% to 830 euros, a decision aimed at easing the burden on households squeezed by a higher cost of living.

The agency also affirmed its long and short-term ratings for Greece at 'BBB-/A-3'.

Greece emerged from a series of international bailouts in 2018 and last year regained investment-grade status from credit rating agencies after 13 years in the "junk" category due to its overwhelming national debt.

S&P last upgraded Greece's rating in October, while Fitch upgraded it in December.

(Reporting by Anandita Mehrotra and Lefteris Papadimas; Editing by Shailesh Kuber)