GR US

Staikouras: Greece Accessed Markets Successfully, despite Adverse Conditions

Αssociated Press

Finance Minister Christos Staikouras (AP Photo/Thanassis Stavrakis, FILE)

ATHENS - Greece "has accessed the markets today, through adverse social and economic conditions created globally by the pandemic, and succeeded," Finance Minister Christos Staikouras said on Wednesday after a seven-year syndicated bond loan raised 2.0 billion euros at an interest rate of 2.05 pct.

The total sum of capital raised from markets after its exit from the memoranda reaches 13.5 billion euros.

The bond with an interest rate of 2.05 pct "is a positive development," Staikouras said, "since the borrowing cost is equal to that of the July 2019 bond, when the financial conditions were much better. It is also much lower of the corresponding bond of March 2018, when the interest rate was 3.5 pct."

Additionally, he said, the majority of investors are foreign and institutional investors.

"Given these factors, the economic and political project was successful, and the confidence markets have in the government policy is confirmed," the Finance Minister said. "Greece has proven that it can be successful even in adversity."