After a decade of challenges, Greece is recording strong performance, attracting the attention of leading investment houses such as Morgan Stanley, JP Morgan, UBS, HSBC, and Bank of America, all of which rank Greece among their top investment choices for 2026. The consistent outperformance of the Greek stock market, strengthened foreign capital inflows, and the restoration of investment-grade status have completely transformed the country’s positioning in international portfolios.
Fitch: Greece in the core of fiscally strong countries through 2026
The latest Fitch report on the Greek economy is particularly optimistic. In a “two-speed” European environment, where many countries struggle to control their public finances, Greece stands out as one of the few economies expected to maintain primary surpluses and continue reducing debt. According to forecasts, Greece will record the largest debt reduction in Europe between 2019 and 2026, exceeding 40 percentage points of GDP.
Morgan Stanley: Greek economy “at the top of Olympus” in 2026
Morgan Stanley expects Greece to maintain high growth rates through 2026–2027, estimating that the economy will continue to expand at around 2% annually—significantly above the Eurozone average. The firm views the Greek market as structurally undervalued, noting that current valuations do not yet reflect the true improvement in the economy and corporate earnings. For this reason, Greece is positioned among the top markets in EEMEA for 2026. Morgan Stanley further forecasts that Greek debt will decline to 131.8% of GDP by 2027 and emphasizes that the country is definitively leaving behind the “emerging market” stereotype, transitioning to a model of a mature regional economy with enhanced credibility.
JP Morgan: 16% rise for MSCI Greece in 2026 – Strong case for banks
JP Morgan remains consistently positive on the Greek economy, Greek equities, and particularly the banking sector. The U.S. firm projects that the MSCI Greece index will rise by 16% in 2026, in U.S. dollar terms. The macroeconomic environment is considered robust, with Greek GDP expected to grow around 2%, marking the sixth consecutive year above the Eurozone average. Greek banks remain “attractively cheap,” trading approximately 15% below their European peers despite a return on equity exceeding 15%.
Bank of America: Greece among the two most overweight EM fund markets
Bank of America confirms Greece’s momentum, placing the country among just two markets that remain overweight in global emerging-market funds. BofA notes: a dividend yield of 4.7%, a P/E of 10.3x, P/BV of 2x, and expected earnings growth of 7.4%.
UBS: Attractive valuations – Greece remains inexpensive despite performance
UBS highlights that the Greek market continues to be one of the few “cheap” markets with a positive risk profile. According to UBS data, the Greek market carries a negative perception premium of approximately -40% to -50%, ranking it among the countries trading at the largest discount relative to their historical valuations. This indicates that Greece has yet to fully reflect the improvements in its economy and corporate results over recent years, despite the significant upgrade in its investment profile and growing foreign institutional interest. UBS forecasts GDP growth of 2.2% for 2025 and 2.4% for 2026, with the perception discount implying that the market still trades at a substantial discount despite the country’s strong economic upgrade.
HSBC: Increasing fund confidence – Banks play a pivotal role
HSBC recognizes that Greece is steadily gaining ground in international portfolios. Fund sentiment remains positive, with banks serving as the primary driver of increased allocations. The country ranks among the most attractive options in emerging markets, with HSBC describing Greece’s case as clearly positive.
Alpha Finance: Targeting Developed Market status in 2026
Alpha Finance emphasizes that despite the impressive performance of recent years, Greek stock market valuations remain highly attractive: the Athens Exchange continues to trade at a 30%–40% discount relative to the Stoxx 600 and MSCI EM. The P/E ratio stands at 9.2x, while EV/EBITDA is 7x—levels that leave significant upside potential. A key factor for Greece’s investment-grade upgrade is the anticipated transition to “Developed Market” status in September 2026, which is expected to boost liquidity and foreign capital inflows.
