Between investment grade and rule of law: Greece’s contrasting images
Why markets view country positively when many other observers display concern
The Agora · Nick Malkoutzis
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Show Notes
Phoebe and Nick are back to examine the contrasting images of Greece abroad and how they sit side by side.
A few months ago, rating agencies started to restore the investment grade for Greece's sovereign debt - more than a decade after it was lost. It was a reflection of the growing confidence that markets have in the political situation, the government's policy choices and the country's prospects.
However, while this has been happening, there has been growing concern about the rule of law and effectiveness of justice in Greece. There have been several debates about these issues in the European Parliament, while rights groups have also raised the alarm.
The Agora spoke to Wolfango Piccoli, co-president of political risk advisory at Teneo, to discuss why investors feel they can trust Greece again and how this renewed faith can sit alongside the complaints about transparency and accountability.
Useful links
Greece is investment grade again – why it matters to keep it - ESM
Parliament concerned about very serious threats to EU values in Greece - European Parliament press release
2023 Rule of Law Report - European Commission
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