The conditions described above will facilitate Greek government bonds regaining investment grade status, thus paving the way to the inclusion of Greek bonds in the ECB’s recentlyenhanced Asset Purchase Programme (APP). This, in turn, would further lower borrowing costs for the Greek economy, thereby boosting growth and improving debt sustainability.
In such a benign scenario, growth rates higher than currently projected, above 3%, could be achieved through increased investment. Last but not least, in order to enhance real convergence and strengthen the international role of the euro, we must take steps to deepen EMU.