Greece returns to debt markets after three year hiatus
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.