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London: Morgan Stanley and…30 trillion awaiting Greece

ANDY RAIN/EPA

Greece as a new European success story

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The Greek economy, systemic banks, the Athens Stock Exchange and the largest listed companies will meet on Monday and Tuesday with 100 powerful investment firms that manage a total of approximately 30 trillion dollars.

The meeting, in London, within the framework of the 4th Greek Investment Conference of Morgan Stanley in collaboration with the Athens Exchange, also bears a political stamp: Prime Minister Kyriakos Mitsotakis will be present, highlighting the importance of the meetings.

Greece is now considered a “success story” in an environment of international turmoil — and foreign firms are looking positively to 2026.

Greece as a new European success story

The major international investment firms — Morgan Stanley, JP Morgan, UBS, HSBC, Bank of America, Wood & Co — maintain a positive stance on Greece for 2026 as well.

The reasons are many: consistently higher growth than the EU average for the sixth consecutive year, targeted reforms, fiscal stability and the country’s energy/geopolitical upgrade.

The growth story: A “free corridor” for the economy

The Greek economy is entering a period of stable, sustainable growth:

  • It is expected to once again be among the top EU economies in growth in 2026.
  • For the sixth consecutive year, GDP is growing at almost twice the rate of the European average.
  • This is a narrative that foreign investors are now recording as “structural” rather than cyclical.

Fiscal stability and rapid debt deleveraging

The fiscal conditions remain on an outperformance trajectory. Wood & Co sees a significant decline in the debt-to-GDP ratio from 154.1% in 2024 to 101.3% in 2030 — the best forecast in a decade.

This stability creates channels of confidence in the bond market and supports scenarios for additional upgrades in 2026.

Energy Upgrade: The Vertical Corridor Changes Greece’s Role

The signing of the Vertical Energy Corridor strengthens Greece’s role as a regional energy hub.

The country is becoming a critical entry, transportation and distribution point for LNG to Europe — a strategic bridge between the US and European markets.

The energy dimension is a “heavy card” in presentations to investors.

FTSE Russell Upgrade: Greece to Developed Markets from 2026

FTSE Russell has already included Greece in the upgrade path to Developed Markets from September 2026.

This change opens the pool to institutional investors who are only allowed to invest in developed markets, creating the prospect of large inflows.

Euronext: A change of level for the Athens Stock Exchange

Following the acquisition of ATHEX by Euronext, the Greek market is part of a pan-European stock exchange ecosystem:

  • 1,800 listed companies
  • capitalization of over 6 trillion euros
  • daily trading value of approximately 12 billion euros (twice that of London).

This move is expected to increase the international visibility of Greek listed companies.

Profitability of listed companies and historical record dividends

2025 is shaping up to be a milestone year for cash distributions:

-Regular dividends reach 5 billion euros.
-Together with interim dividends from banks and OPAP, the historical high of 5.4 billion euros in 2007 is expected to be exceeded.
-Strong profitability supports valuations and strengthens investor confidence.

Greek bonds: Stability and upgrades on the radar

After regaining investment grade, Greek bonds have shown remarkable resilience even in times of international turmoil.

Piraeus Bank foresees an additional upgrade to Baa2 in 2026, provided that the positive momentum continues.

International agencies (Fitch, DBRS, Scope, S&P, Moody’s) have upgraded Greece by a total of 4–5 notches since 2019, supporting one of the strongest credit stories in the Eurozone.

Banks: Record profitability and strong portfolio for 2026

The four systemic banks — Alpha Bank, Eurobank, National Bank, Piraeus — recorded profits of 3.509 billion euros in the first nine months of 2025.

Based on current data:

-2025 will close at over 4 billion euros.
-The dividend policy remains strong.
-Capital strengthens the ability to grant new loans.
-International rating agencies emphasize that banks are benefiting from the “Greek story” of recovery and from the increase in corporate lending.

An appointment with high expectations

The Morgan Stanley conference is not only an opportunity to showcase but also a test of Greece’s new image in international markets.

With the economy in a phase of steady growth, banks profitable, the market strengthened by Euronext and energy upgrading changing levels, the Greek mission arrives in London with the strongest arsenal of the last decade.

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