BUSINESS

PM says Greece on growth trajectory after successful market foray

TAGS: Economy

Greek Prime Minister Kyriakos Mitsotakis and the foreign press hailed the record-breaking yield for the 10-year benchmark bond, which on Wednesday's domestic electronic secondary bond market fell below 1 percent.

In a tweet on the prime minister's account, Mitsotakis said that "Greece is now on a growth trajectory," making the country a "great opportunity for global investors."

"A benchmark once thought of as impossible, has been reached," the tweet read.

The 10-year bond yield was 0.961 pct in midday trade in the market, down 7.0 pct from Tuesday's closing level, while the five-year bond yield was 0.3 pct, down 13 pct from the previous day.

International press also noted the event, which it attributed to implemented reforms and the election to power of a business-friendly government.

The Financial Times said that the Greek economy is "experiencing solid growth at a time when much of the eurozone is slowing," while Bloomberg said the Greek bonds "breached a threshold" that "would once have been scoffed at" during the country's financial crisis.

The view that investors bet that Greece's credit ratings "may regain investment-grade status after almost a decade" was seen as one of the reasons behind the successful market foray by the Wall Street Journal.

[ANA-MPA]

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