Greece re­turns to debt mar­kets af­ter three year hia­tus

Muscat Daily - - BUSINESS -

Athens, Greece - Greece re­turned to the debt mar­kets for the first time in three years on Tues­day, with re­ports say­ing it was on track to raise funds at a lower cost, mark­ing a sym­bolic vic­tory for the be­lea­guered eu­ro­zone na­tion.

The Greek news agency ANA said that ini­tial trans­ac­tions for the five year gov­ern­ment bonds put the yield - the fi­nanc­ing cost for the gov­ern­ment or the rate of re­turn for in­vestors - at 4.87 per cent.

That is slightly be­low the 4.95 per cent in Greece’s last auc­tion of five-year bonds in 2014, which was re­port­edly the target the Greek gov­ern­ment had set.

The gov­ern­ment an­nounced on Mon­day it was at­tempt­ing a come­back to the debt mar­kets.

EU econ­omy com­mis­sioner Pierre Moscovici, who is vis­it­ing Athens, said on Tues­day that the coun­try is mak­ing a ‘spec­tac­u­lar re­cov­ery’ that should al­low it to ‘pro­gres­sively re­turn’ to the debt mar­kets, ac­cord­ing to a state­ment re­leased by the of­fice of Greek Pres­i­dent Prokopis Pavlopou­los af­ter the two met.

At a later press con­fer­ence Moscovici ex­pressed con­fi­dence Greece would be able to fi­nance it­self on the mar­kets at a rea­son­able rate.

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