ESM lauds Greece for regaining investment grade
- Written by E.Tsiliopoulos
Kudos were given to Greece by the European Stability Mechanism (ESM), which welcomed the recovery of investment grade, calling it a milestone.
"Greece has achieved a milestone", thanks "to the efforts of the governments and the people of Greece", the ESM said, among others, in its announcement on the X platform.
It added: “Adjustment has been difficult, but over the past decade the country has introduced lasting reforms, rebuilt investor confidence and worked towards a more sustainable economy. Together with the support of the ESM, Greece sowed the seeds for an impressive recovery."
Finally, the ESM pointed out that "advancing the national recovery plan, investing and staying on a prudent fiscal path will strengthen market success and confidence".
What Bloomberg reports
The news that the Canadian rating agency DBRS has upgraded the investment grade of Greek bonds is reported by international media.
This is the first of the four rating agencies recognized by the European Central Bank, which gives Greece investment grade again after 13 years.
Typically, Bloomberg reports that the upgrade of Greek bonds to the BBB (low) category with stable outlook is "the country's most important upgrade from the 'junk' category since the financial crisis that shook it more than a decade ago".
The agency also estimates that "besides the fact that it is a stamp of approval for the economic agenda of (Greek) Prime Minister Kyriakos Mitsotakis, DBRS is one of the rating agencies recognized by the European Central Bank (ECB), which means that now the value of of Greek bonds will not be reduced more than normal when they are used as collateral in refinancing actions".
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