Greek Finance Minister Christos Staikouras welcomed the successful completion of a five-year bond issue on Wednesday.
In a statement, the Finance Minister said the Greek state collected 3 billion euros from the market at an almost zero interest rate, setting a new all-time low in the borrowing cost of the Greek state regardless of maturity.
The issue was more than 8 times oversubscribed, with bids exceeding 20 billion euros.
In the statement, Staikouras noted that “since July 2019, when New Democracy took power, Greece collected 25 billion euros from capital markets at very favorable terms.”
He added that in this way the government guaranteed the country’s cash reserves remained at a safe level.
“Today’s vote of confidence by the international investment community adds to a series of recent positive economic developments,” he said.
The minister highlighted Greece’s credit rating upgrade, rising industrial production, a higher manufacturing production index and the improvement of the economic sentiment index as examples of positive economic developments.
Staikouras also underlined that a bonds auction on Wednesday resulted in an all-time low interest rate of -0.4% and said that “all these are a recognition of the sacrifices made by Greek society, and the credibility and efficiency of the government policy.”