BoG Gov: Greece a step away from attaining an investment grade rating

Greece is a mere one step away from attaining an investment grade rating, and must now focus all efforts on achieving this goal, Bank of Greece (BoG) Gov.Yannis Stournaras said on Thursday, during a meeting with Greek Parliament President Konstantinos Tassoulas.

The meeting witnessed the customary delivery of the central bank’s annual monetary policy report to the country’s Parliament, with the BoG governor presenting the 2021-2022 report.

Both men agreed over the importance of achieving the investment grade rating, which would translate into lower borrowing rates for Greece in sovereign money markets.

“The Greek economy, amid all this noise and confusion, has now officially emerged from the enhanced surveillance regime. This ends next month, but we also have come very close to an investment grade rating, which will open the way to cheaper borrowing, something our economy needs,” Tassoulas said.

Stournaras said that achieving the goal must be a national target, as the European Central Bank is due to raise interest rates next month, as a measure to rein in inflation… Achieving investment grade will greatly offset this increased cost, he added.