economy by 2020 has already commenced. This
is a sanguine estimate, given that, despite the pro-
liferation of doomsday scenarios, the prospects of
the euro zone for the new year are by no means
negative. Europe has left the worst behind, and
most pundits believe that the economy’s growth
rate for the year 2013 will be positive.
In regard to Greece, as noted in Alpha Bank’s
weekly economic report, the factors that led to the
country’s upgrading are, on one hand, the great
resolve the Greek government has shown during
the past few months in implementing the adjust-
ment programme, and overcoming the economic
and political adversities it was beset with, and, on
the other hand, the unquestionable expression of
Community solidarity through the support offered
C
onfidence may be in shortage.
Uncertainty may prevail. Unemployment
may be a problem. Nonetheless, in 2013
Greece’s ailing economy has all the potential to
start exiting the twin traps of statism and public
debt. The reason for saying this is that certain
economic indicators show marked improvement,
which is tentatively starting to reinstate market
confidence.
As suggested by local and international market
observers, unless a very serious political and/or
economic accident occurs, the recent upgrading
of Greece’s credit rating to B- with a stable out-
look by Standard & Poors’ is the best and clear-
est sign that the countdown to the Greek econo-
my’s recovery and its transformation to an AAA
Trade with Greece
32
The economy’s fundamentals are improving and can
set the conditions for a gradual exit from the crisis.
By Athanassios H. Papandropoulos
There are also positive
signs for 2013
