It resembles a “story from another planet”. the Welt the return of the Greek economy, then the return of the country to the investment grade by S&P. “While many countries around the world are suffering from high debts and investors are selling US bonds fearing fiscal developments, Greece has found its way out of fiscal distress.”

As the German media observes, “Greece has been radically reformed: both in terms of tax collection and simplification of legislation. This treaty in turn attracted investments to the country, while at the same time tourism is booming”, while the Greek economy has shown extremely positive signs of recovery after the pandemic.

At the same time, “the strong growth of the Greek economy, combined with inflation, also contributes to the reduction of debt, which this year is expected to decrease to 168% of economic output”, a percentage that is indeed high, but is an improvement “compared to 207% in 2020.

Athens also benefits from the fact that its obligations they are very favorably structured, remaining stable over twenty years. Thus, the country continues to benefit from the low interest rates of the past and is obliged to spend only 5.7% of the national budget on debt service.

Finally, “Greece also benefits from the European Development and Reconstruction Fund”, explains Welt. “Until 2026, Greece has access to 36 billion euros in aid packages, of which half are grants and the other half low-interest loans. In proportion to economic production, the country is the biggest beneficiary of the Reconstruction Fund.”

However, “the comparatively good performance of the Greek stock market shows that the stock market has already partially valued the new assessment. This does not mean that Greek stocks cannot rise further, but their performance should now slow down significantly. That’s why we don’t expect another Greek miracle.”