High on the government agenda is acquisition of investment grade and the time to achieve this goal is set to 2023. As the Minister of Finance characteristically states, among other things, in APE-MPE Christos Staikouras “We are creating a clean and realistic corridor for obtaining an investment grade, in 2023”.
It is no coincidence, however, that the Prime Minister himself Kyriakos Mitsotakis at every opportunity states that the main goal of the country is to acquire an investment grade as soon as possible and refers to the risks that await in the process of obtaining it. Specifically, he stressed in the announcement of the latest package of measures, that “unfortunately, our country has not yet fully recovered from the 10-year economic crisis. We have not yet reached the coveted investment level. “And the speculators will always lurk to take advantage of our weakness.”
The Greek economy has entered the final stretch of its exit from the regime of enhanced supervision and as noted by all government officials, this stake is significant and should not be questioned with wrong moves.
The final consultation between the financial staff and the representatives of the creditors (ECB, Commission, ESM) at the level of technical levels for the exit from the enhanced supervision starts next week. The main aim is to resolve any political issues that may arise in the course of the contacts that the lenders will have with the Minister of Finance.
THE meeting it has been identified for April 6. Everyone’s goal is to close the pending issues as soon as possible to facilitate the exit decision from enhanced supervision to be taken from Eurogroupbut also by Commissionas well as for disbursement of two doses by ESM.
In exit path of country from enhanced supervisionbut also the acquisition of the investment grade, any positive labeling by the rating agencies or even more any upgrade adds “points”.
As Christos Staikouras notes in his statement to APE-MPE, “as the Ministry of Finance, since the beginning of our term, we have been working, consistently and methodically, for the strengthening of economy us. Strengthening which, among other things, will lead to the acquisition of an investment grade. “A goal that will be achieved through the achievement of high and sustainable economic growth, the exit of the country from the status of Enhanced Supervision, the achievement of a single-digit percentage of non-performing loans in the banks’ portfolios and fiscal stability”.
And the Minister of Finance concludes: “As reflected in the available data, we are moving in this direction, which is why the country, in the successive crises of the last two years, is constantly upgrading – with more recent the upgrade by DBRS Morningstar rating agencywith which the Hellas reaches just one “step” before the investment tier. “By implementing a prudent and responsible fiscal policy, structural reforms and a far-sighted publishing policy, we are shaping a clear and realistic corridor for gaining an investment grade in 2023.”
It should be noted that negative factors in securing the investment rating are the geopolitical developments that make forecasts for the next day of the economy particularly difficult.
In the Ministry of Finance consider that in addition to consistency and careful moves, an important role is played by the amount of cash, which reaches particularly high levels. According to a recent report by the Minister of Finance, they amount to 40 billion euros.
And all this, as reported in the Ministry of Finance, despite the ongoing international problems that arise. And as they characteristically note. “The Greek economy has proven in the last 2.5 years that it can withstand even very difficult conditions, such as war in Ukraine but also in its period pandemic»
Finally, it should be noted that in the period 2020-2022 the total support package for households and businesses amounts to approximately 45 billion euros.
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