DELPHI FORUM VIII-Greece close to obtaining investment grade, Patelis says

Greece has not yet obtained an investment grade because, obviously, the elections are coming up, said the director of the economic office of the prime minister, Alexis Patelis, at the Delphi Economic Forum. He added that three international rating agencies currently have the country “one click” before investment grade.

Speaking on Thursday, he characterised getting investment grade as a “stamp of credibility”, otherwise the debt is “junk” and gave the example of Japan, which, as he said, had invested 10 billion in Greece before the crisis “and took it all back as soon as investment grade was lost.”

He referred to the three conditions set by the credit rating agencies for obtaining the investment grade:

– The debt should be on a clear downward trend (it has been fulfilled).

– There should be a steady course of reforms (the Parliament passed more than 400 bills).

– To have a stable banking system.