Successful 7-year bond issue a vote of confidence in gov’t

The government hailed Tuesday's seven-year bond issue as a vote of confidence in Greece's growth prospects, after the country's third market foray this year was more than five times oversubscribed and attracted significant interest from long-term investors.

Greece tapped the markets for 2.5 billion euros at a relatively low yield of 1.9 percent, against a guidance rate of 2.1 percent. Bids topped 12.5 billion. The takings will be used to buy back some of Greece's debt at an improved rate, thereby making it more sustainable in the long term and reducing the need for a high primary budget surplus.

"I would like to congratulate the Public Debt Management Agency and the Ministry of Finance on the issuance of a seven-year bond at a record-low yield of 1.9 percent," Prime Minister Kyriakos Mitsotakis wrote on Twitter.

"This is a vote of confidence in Greece's growth...