Briefly, (a) No return to the markets can be permanent and hence credible with capital controls still imposed on the economy. The full lifting of capital controls, signalling also the end-date (which could be Q1 next year) would be the catalyst for the full recovery of trust of depositors, but also boost investor confidence in the prospects of the economy.
(b) Regaining the investment grade held in 2008 is as important as ensuring debt sustainability. This should be at the top of Greece’s policy agenda over the next year or so, we are only two notches far away. Its significance is comparable to meeting the Maastricht nominal criteria that allowed the country to enter the euro area.