It took Greece nine years to restore its creditworthiness and issue a new 10-year bond. This is happening now, not just because the country’s economic indexes have improved – they had already improved significantly even before the relapse that occurred in 2015.
This new foray into the markets is now possible because the political system has changed. For the first time, this year’s imminent elections are not perceived as a “political danger.” For the first time since 2009, all contenders for political power are in agreement on the need to respect the fiscal balance and European rules.
Reaching this minimal consensus has taken far too long. And this delay cost the country dearly for many years. But it would not be wishful thinking to say that this consensus has now become a national acquis.