The eyes of the government financial staff are focused on Greece's meeting with the Fitch rating agency today. Some analysts are not ruling out an upgrade to 'BB+', although the odds are leaning towards the ratings agency waiting until national elections, which are scheduled to be held by July. The government has set a target for the upgrade within 2023 and analysts' expectations put the time frame after the summer as the target. The main reason is the increased likelihood of consecutive elections due to the change in the electoral system, which increases electoral uncertainty and scenarios for a third round at the polls.

Fitch maintained Greece's credit rating two notches below investment grade, maintaining the positive outlook.

Greece’s debt stock will remain very high for a long time, but debt sustainability is underpinned by several mitigating factors, Fitch Ratings said in a new report on Monday. Greece’s general government debt to GDP rose to 207% of GDP at end-2020 from 181% in 2019 as a result of the severe shock to the country’s public finances caused by the pandemic. We expect the debt ratio to remain at this level this year before declining to 193% by 2022, the credit rating agency said.