Greece’s sternest test yet to come
On January 1, 2001, the Hellenic Republic will, after a long and hard struggle, join the Emu. Everyone associated with the Greek capital markets is hopeful that membership will banish memories of the political, social and economic troubles of the past decade. In the debt capital markets, at least, this optimism appears well founded. However, as investors begin to compare Greek debt and equity capital markets participants with those in the eurozone, rather than with its previous emerging market peers and issuers are coming under increasing scrutiny. In this special EuroWeek report, Philip Moore examines whether Emu membership will prove a blessing or a bane for Greece as it enters a new era.
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