What’s next, ‘mobile pass’ and ‘TV pass’?

What is the Bank of Greece's biggest concern? That reaching investment grade has drifted further away and that in an international environment full of uncertainties, there is only one certainty: That the time of abundant, cheap money has given way to an era of high interest rates and limited liquidity. Of course, even if we did regain investment grade soon, things would not be easy, because we would be at the bottom of the list of creditworthy countries. That said, we would at least have the opportunity to reduce the very high cost associated with our bonds' "junk" status.

Greece could have already attained investment grade. With gross domestic product growth rates of 6% and inflation hovering around 10%, which fills government coffers with windfall tax revenues and shows a drastically reduced public debt burden (as it increases the numerator, the GDP, while the denominator,...