Greece Returned to the Financial Markets after 3 Year Pause
After a three-year break, Greece returned to the international financial markets after successfully issuing 5-year bonds on Tuesday, the Guardian reported.
Athens has managed to sell its 3 billion-euro bonds at a 4.625% which is below the 4.95% in 2014, when the country sold the 5-year bond for the last time, but it is even better than the expectations of the Greek authorities themselves, who hoped the interest would be no more than 4.75 percent.
Around 200 applications were submitted for a total of about € 6.5 billion, which is a sign that confidence is returning and that investors are thirsty for risky investments. According to Reuters, the deal is a "first step towards financial independence" in the country, given the fact that in 2018 the third international rescue program ends.
Since 2010, Athens has contracted three rescue programs and the money allocated to reforms is mainly going to cover old liabilities. Greece's debts exceed 320 billion euros. The deal comes a month after Eurozone finance ministers handed out another loan for the country, demanding measures to reduce the country's huge debt burden.
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