Greece's forays into global bond markets will help increase its financing flexibility but the debt-laden country is not out of the woods yet, a senior director at rating agency Fitch told Reuters on Thursday.
Bailed out twice by the European Union and the International Monetary Fund to the tune of 240 billion euros, Greece returned to markets in April after a four-year exile. It sold another bond on Thursday, raising 1.5 billion euros.
Douglas Renwick, Fitch's senior director for western Europe, said Greece's renewed ability to borrow could help the country bridge future funding gaps but warned of risks including the possibility of snap elections in 2015 that could hamper reforms.
"If it's limited extra financing, it's positive and rather increases the financing flexibility of the government," Renwick said on the sidelines of a conference in Athens. "What we would caution is that just because market access looks more likely, it doesn't necessarily change the inherent risks in Greece."
