ATHENS, Greece - Greece announced Wednesday that it was returning to international bond markets for the first time in four years amid growing signs of confidence in the country at the forefront of Europe’s debt crisis.
The finance ministry said it had instructed international banks to issue the five-year euro-denominated bond, and that the sale “is expected to be priced and carried out in the immediate future.”
The ministry did not reveal the size of the bond sale, but Greece’s deputy prime minister said recently it is likely to be about $2.7 billion. Although the date was not formally announced, it is widely expected to be today.
Hammered by a loss of confidence triggered by debt and a huge budget deficit, Greece has been unable to tap investors for cash because of excessively high borrowing rates since 2010. It has been relying since then on bailout funds from the International Monetary Fund and other European countries that use the euro.
However, Greece’s interest rates have been falling steadily in recent months as its public finances have improved after tough austerity measures.
Business, Pages 30 on 04/10/2014