The opening of the 2004 Olympic Games in Athens gives the Hellenic Republic (Greece; A+/Stable/A-1) an opportunity to demonstrate how it has transformed itself from an agrarian-dominated society to a modern, diversified, and increasingly open economy. This progress is further reflected in the strengthening of the sovereign's credit quality since Standard&Poor's assigned its first credit rating to the Republic in 1987 (see Table 1). Yet, although the Games give cause for national celebration, their effect on sovereign creditworthiness is less clear-cut. The ratings outlook on the Republic is stable, reflecting real and nominal economic convergence with other EMU economies, supported by strong growth in investment and commitment to fiscal consolidation, which underpin medium-term fiscal sustainability. Nevertheless, a stronger
