Greece seems to be returning to the markets, as was shown by the informal Eurogoup meeting in Athens, the past two days.
Despite the fact that the near future of the Greek people remains dark, with everything that has been happening and still is occurring, the FinMin meeting depicts that something changes for the better for our country:
-Nobody in the Eurogroup considers Greece a problem anymore, at least for the next 12 months where the Troika guarantees that the hellenic programme will continue to receive aid.
-the Prime Minister and Finance Minister Y. Stournaras are hatching plans for a new bond, and insist that the country does not need a new loan.
-Mr. Wolfgang Schauble made a statement to German journalists during the meeting that Greece is not asking for extra aid, but even if it needed it, Europe was going to deliver.
-international media shows our country as “exemplary”, after the difficulties it went through.
-For the first time in years, the Eurogroup is talking about “growth” rather than a “crisis”.
-Mr. Draghi of the ECB is already making plans for Greek and European banks and is awaiting for their portfolios to clear up after October’s stress tests, in order to proceed with providing liquidity.
-Commissioner Barnier no longer talks about grand construction and “super highways”, but concentrates on the real economy, describing a fiscal model for Greece based on tourism, agriculture and shipping, with banks holding the “key” and a European market of 560 million consumers.
-Mr. Schauble even reproached the government, so that the new Development Fund which will finance businesses should get to work immediately. Even US journalists asked Mr. Stournaras about the fund itself.
These developments are also reflected in the interest rate spread of Greek bonds over German. Spreads were plummeting yesterday in the secondary markets, dropping by 458 base units, which is a historic low since January 2010.
With that era’s data, the country was being led to the Memorandum, but nowadays, things seem to be changing, since markets seem to expect that Greek bonds will be upgraded soon by ratings agencies. This is followed by the announcement made two days ago, by FinMin Stournaras of a trial of 3-year and 5-year bonds.
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