First investment grade decision

Japan gave an important vote of confidence to Athens, as its rating agency Rating and Investment Information (R&I) is now the first to attribute Greece investment grade, after the upgrade to BBB- with stable prospects (from BB+ with stable prospects previously) on Monday.

Although the Japanese agency is not ranked among the houses that the European Central Bank takes into account in its decisions, its move is considered a harbinger of similar moves by the "big" agencies - i.e. Fitch, DBRS Morningstar, Moody's and S&P - which will mean lower financing costs, greater investment in the country, growth and jobs. A similar move is considered possible by Scope Ratings this Friday.

According to the Ministry of National Economy and Finance, this development opens the way for investment funds from Japan and the Asian market as a whole, to the Greek economy.

R&I points...