It is possible Greece may obtain the ‘investment grade’ rating from credit rating agencies by the end of the year, Bank of Greece Governor Yannis Stournaras said on Monday.
Addressing a conference, the central banker said he thought “it is possible by the end of the year for the country to obtain ‘investment grade’ from credit rating agencies,” a development which would allow the European Central Bank to buy Greek bonds and to accept them as collateral in supplying liquidity to Greek banks. Stournaras noted that the ECB will continue accepting Greek bonds even after the lifting of emergency support measures, even if they do not have the necessary investment-grade rating.
Stournaras sounded optimistic over the course of economic recovery and predicted that the Greek economy could achieve an average annual growth rate of 3.5% over the next decade. For this year, the central bank forecasts a 7% increase of the GDP and 4.5%-5.0% in 2022.