ATHENS, Greece (AP) — Greece is tapping the international bond markets for the first time in four years, issuing a five-year bond amid growing signs of market confidence.
The country, which has been locked out of the market by high borrowing costs since 2010, is initially seeking to raise 2.5 billion in the sale starting Thursday morning. Speaking during a television news show, government spokesman Simos Kedikoglou said there was "great interest" in the bond, which appeared to be about six times oversubscribed.
Greece has been dependent on international bailout funds for the past four years, provided on condition it imposed series of deeply resented spending cuts and tax hikes. However, the country's interest rates have been falling recently as its public finances have improved following tough austerity measures.