Return to investment grade overshadowed by flood destruction

Economy Tags: Debt, Disasters, Markets, Ratings

The Greek authorities and particularly the government must have had different plans in response to Friday’s move by DBRS to upgrade Greece’s credit rating to investment grade, a rating that it lost 13 years ago as the debt crisis was unfolding and led to three successive adjustment programmes.

The devastating floods caused by the storm Daniel, which started in mid-week in Volos and spread to the entire plain of Thessaly on Wednesday night have changed all government plans and priorities, leading to the postponement of the PM’s keynote speech ...

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