Return to markets will take some time for Greece

Whether Greece will be able to leave behind the era of successive bailout programs and return to normalcy depends on its ability to obtain consistent access to capital markets at affordable interest rates. The deal at the Eurogroup, less political uncertainty and expectations that the ECB will reinstate cheap funding for the country's troubled lenders have sent Greek bond yields to multi-month lows. However, it will take more, including ECB QE eligibility, for the country to regain the trust of international investors and stand on its own two feet. This is not going to be easy and is not likely to happen soon.

Pessimism about the country's exit from the third bailout program since 2010 still abounds. More than 80 percent of respondents participating in a recent opinion poll conducted by the University of Macedonia said they did not believe Greece will exit the economic...