Greek Bank Chief Says Investment Grade Rating Finally Coming Soon

ATHENS – It will be a long time coming – 12 years – through a financial crisis and three international bailouts of 326 billion euros ($347 billion) but Greece in 2023 will regain investment grade status, Bank of Greece chief Yannis Stournaras said.

Greek bonds have been rated junk during that time but an accelerating recovery as the COVID-19 pandemic wanes, and soaring tourism again, is changing that to a more optimistic outlook, he told The Financial Times.

But with elections coming he urged whichever government rules to stick to fiscal prudence so as not to upset the prospect, and with more international investors showing interest in returning.

Stournaras said credit rating agencies would upgrade Greek bond if lawmakers show their intent to maintain reforms and take advantage of a “window of opportunity” to significantly lower the country’s debt burden.


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