Post by kartadolofonos on Apr 11, 2014 2:45:58 GMT -5
In a sign of growing confidence,Greece has returned to the bond market, raising money from private investors for the first time in four years. Officials confirmed the auction went well.
Επιτυχημένη η έξοδος στις αγορές - Πάνω από 20 δισ. ευρώ οι προσφορές –
Στο 4,95% το επιτόκιο
ATHENS, Greece Successful return to the international debt market after four years as an overwhelming success Thursday, with investors snapping up the five-year bond in a sale that was eight times oversubscribed.
The finance ministry said it had raised 3 billion euros ($4.14 billion) with a 4.75 percent coupon — a lower borrowing rate than the five percent initially hoped for.
The sale is a milestone for Greece. It has been locked out of the markets since it nearly went bankrupt in 2010, when its borrowing rates spiked upon the revelation that its public debt was much larger than previously estimated.
"The reception of the five-year bond has exceeded all expectations," Prime Minister Antonis Samaras said in a television statement. "International markets have expressed, beyond any possible doubt, their confidence in the Greek economy."
Greek Pm Antonis Samaras said the strong result would bolster investors' confidence in Greek debt, allowing it to borrow at cheaper rates in the future. He cautioned, however, that the country still had "quite a way to go to emerge definitively from the crisis."
"Today's successful bond issuance is a first but clear step in restoring market access for Greece," said European Commission Vice-President Siim Kallas in Brussels. "However, it should also be a reason to stay the course of reforms and strengthen the recovery underway."
International Monetary Fund managing director Christine Lagarde described the sale as "an indication that Greece is heading in the right direction, and that the water testing that the authorities wanted to do is really successful."
Greece had initially sought to raise 2.5 billion euros, but got offers of about 20 billion euros. Nearly 90 percent of the sale was to international investors.
Επιτυχημένη η έξοδος στις αγορές - Πάνω από 20 δισ. ευρώ οι προσφορές –
Στο 4,95% το επιτόκιο
ATHENS, Greece Successful return to the international debt market after four years as an overwhelming success Thursday, with investors snapping up the five-year bond in a sale that was eight times oversubscribed.
The finance ministry said it had raised 3 billion euros ($4.14 billion) with a 4.75 percent coupon — a lower borrowing rate than the five percent initially hoped for.
The sale is a milestone for Greece. It has been locked out of the markets since it nearly went bankrupt in 2010, when its borrowing rates spiked upon the revelation that its public debt was much larger than previously estimated.
"The reception of the five-year bond has exceeded all expectations," Prime Minister Antonis Samaras said in a television statement. "International markets have expressed, beyond any possible doubt, their confidence in the Greek economy."
Greek Pm Antonis Samaras said the strong result would bolster investors' confidence in Greek debt, allowing it to borrow at cheaper rates in the future. He cautioned, however, that the country still had "quite a way to go to emerge definitively from the crisis."
"Today's successful bond issuance is a first but clear step in restoring market access for Greece," said European Commission Vice-President Siim Kallas in Brussels. "However, it should also be a reason to stay the course of reforms and strengthen the recovery underway."
International Monetary Fund managing director Christine Lagarde described the sale as "an indication that Greece is heading in the right direction, and that the water testing that the authorities wanted to do is really successful."
Greece had initially sought to raise 2.5 billion euros, but got offers of about 20 billion euros. Nearly 90 percent of the sale was to international investors.