Eurogroup head Donohoe says he’s certain Greece will regain investment grade; Mitsotakis cites need for stable gov’t to emerge from May 21 elex

Eurogroup President Paschal Donohoe on Tuesday said he is certain Greece would soon achieve a coveted investment grade rating for its public debt needs, speaking in Athens during a finance ministry event entitled “Greek Economy: Resilience, Progress, Outlook”.

The prominent Irish politician and EU leader said his optimism stems from the work achieved so far to reach this point – a direct nod for the incumbent Mitsotakis government before an audience of ministers, office-holders and diplomats. He cited progress achieved by the Greek economy over the last four years, while highlighting the significance of concluding the enhanced supervision status for the country last summer.

The event was also attended by Greek Prime Minister Kyriakos Mitsotakis, who added that “… after less than 45 months, and especially through many and consecutive crises, Greece managed to incorporate national needs, as those required by the times, and turn them into leaps, to make up for lost time, so that Greece today becomes Europe’s pleasant surprise”.

The event was also attended by Bank of Greece (BoG) Gov. Yannis Stournaras.

In his reply, Mitsotakis said Greece today in no way resembles the over-indebted country of the memoranda era, one burdened by a wounded and divided society.

“All this occurred as the country was addressing the pandemic and the hybrid attack on its borders,; the constant turbulence in the energy sector and the aggressive behavior of our neighbors. Solutions were neither evident nor easy, but the results vindicate us. The Greek economy was upgraded 12 times and is only a step away before investment grade. I agree with Eurogroup president Donohoe’s optimism, if a stable government emerges during the May 21 elections then Greece will regain an investment grade in 2023, and will continue its course for a reduction of its public debt,” Mitsotakis emphasized.