Indeed it upgrades its forecasts for GDP expecting an increase by 0.4% compared to 0% in the past.

“Although Greece has made significant progress in fiscal adjustment over the past two years, this particular result is a credit positive for the debt of the country since the adjustment occurred despite the political environment that hid many challenges due to the European elections and local elections in Greece,” Moody’s noted.

Moody’s believes that the good performance is a result of a better tax administration system and expenditure control.

Also, Moody’s noted that in the recent IMF’s evaluation report on Greek economy it is mentioned that the key indicators for the tax reform were clearly improved in 2013 compared to 2012, although it is stated that Greece needs to make more steps.