26 July, 2017
"Greece can return to bond market with logical yields", suggests Commissioner Moscovici, recognizing the country's "significant effort to fix deficits".
Greek Finance Minister Euclid Tsakalotos described the bond sale, which had a yield of 4.625 percent, as "satisfactory", adding that the quality and number of investors who expressed interest constituted "the first stable steps of confidence in the Greek economy". While Tsipras had swept to power on pledges to end austerity and bailouts, he backed down when Greece was again on the brink of the abyss, facing a possible exit from the euro.
Greek ministers will provide more details on Monday afternoon about how much it hopes to borrow, and on what terms. As for Greece's debt relief, he added that "Greece's official creditors must respect debt relief measures agreed in latest Eurogroup meeting", said the Commissioner, to add that the International Monetary Fund remains "an important partner in bailout program".
"Sentiment is still very positive after the European Central Bank sounded dovish at last week's meeting", said Benjamin Schroeder, a rates strategist at ING.
"Greece was caught up in an incredible economic and financial storm", Moscovici told France Inter radio ahead of a visit to Athens for talks with Prime Minister Alexis Tsipras on debt relief.
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Parliament Monsoon Session: Lok Sabha adjourned for day
To counter the opposition's onslaught, the government is also gearing up. He will also address NDA members of Parliament.
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He said: "Today, things are much, much better". Was it too tough?
Greece's European creditors are keen for the crisis-hit country to develop a strategy to gradually regain market access so that it will be able to stand on its own feet in 2018.
But the clash with borrowers killed off a nascent recovery, with the Greek economy stagnating in 2016, although it is expected to post modest growth of 2.1 percent this year. Unemployment has fallen 1.9 percentage points in a year but was still stuck at 21.7% in April.
Greece still has a €326bn debt pile, after receiving three bailouts in the last seven years.
However, the IMF said it would not release any funds until the eurozone agreed on a deal to cut Greece's €314bn debt burden.