Jens Peter Sorensen
Investment grade remains elusive
The recent health crisis is dampening hopes of a credit rating upgrade for Greece. According to Capital Economics economist Melanie Debono, "it is now highly unlikely that any government will be upgraded by the credit rating agencies in the near future, given that the world is on the verge of a deep recession. Greece is not immune from this."
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Bloomberg sees low bond yields, other indicators as signs of Greek recovery
Straight on the heels of a Greek 10-year bond issue with a record low one percent yield (compared to 45 percent one decade ago), Bloomberg is singing the praises of the prospects of the Greek economy and government and touts the once unthinkable possibility of Greek bonds returning to investment grade (even though they are still at the junk level).
Greek securities are set to attract more attention
Investor expectations for a change of government in Athens and the consolidation of a stable financial and tax environment has activated funds toward Greek stocks and bonds in the last few weeks. The question is whether this strong rally can continue and attract quality investors.
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Market expects further rise for Greek securities
Market psychology has changed completely with regard to Greece since the May 26 European polls and the announcement of early general elections, as investors look forward to the prospect of a faster political shift toward a more market-friendly administration.
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Italian impact highlights need for a precautionary credit line
The recent rally in Greek bond yields due to the political crisis in Italy once again illustrated how vulnerable Greece is to external shocks. Analysts at foreign firms told Kathimerini that the Italian unrest will have consequences on Greece, stressing that the choice of a "clean exit" contains great risks as it must come with a huge cash reserve.