Talk about an economic comeback story. Less than a decade ago, Greece looked like it might never recover from its economic and political traumas. On Friday it won back an investment-grade credit rating from Standard & Poor’s.
The upgrade on Greek debt achieves a goal set by Prime Minister Kyriakos Mitsotakis, although it also sells short the scale of the transformation Mr. Mitsotakis has brought about in Athens. S&P Global cited “significant budgetary consolidation” and the summer’s electoral “mandate for policy continuity” to explain its decision—which, as so often with credit ratings, arrives behind the curve and for the wrong reasons.
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