Three conditions for Greece to secure investment grade

Greece has not yet obtained investment grade because, obviously, the elections are coming up, the director of the economic office of the prime minister, Alex Patelis, said at the Delphi Economic Forum this week.

He added that three international rating agencies currently have the country “one click” away from investment grade. Speaking on Thursday, he characterized getting investment grade as a “stamp of credibility,” otherwise the debt is “junk,” and gave the example of Japan, which, as he said, had invested 10 billion euros in Greece before the crisis “and took it all back as soon as investment grade was lost.”

He referred to the three conditions set by the credit rating agencies for obtaining the investment grade: The debt should be on a clear downward trend (it has been fulfilled); there should be a steady course of reforms (the Parliament has passed more than 400 bills); and to have a stable banking system.