Société Générale considers it unlikely that Greece will regain investment grade before the fourth quarter of 2022. It is reopening the trade of Greek bonds against Italian bonds in order to be prepared even for a possible surprise from S&P next Friday on the 21 of April, if it is the first ratings agency to put Greece in the investment grade category. The agency considers that the most likely scenario, due to the elections, is for this upgrade to come at the end of 2023 and the beginning of 2024, however... it keeps the possibility open. In fact, as he emphasizes, if the surprise does not happen, the trade will be closed again.