European sovereign debt crisis timeline
Greek borrowing costs fell sharply on Thursday following the European Central Bank's (ECB) decision to include Greek government bonds in an emergency assets purchases program.
The ECB triggered new bond purchases worth 750 billion euros ($816.90 billion) at an emergency meeting late on Wednesday to stop a pandemic-induced financial rout from shredding the euro zone's economy.
Authorities in Greece say the country is planning tap financial markets with the issue of a 7-year bond, the first under the new conservative government of Prime Minister Kyriakos Mistotakis.
In a notice released Monday, Greece's Public Debt Management Agency named banks in charge of managing the auction. PDMA announcements are typically made on the eve of the auction.
German Chancellor Angela Merkel has defended austerity policy in Greece and other debt-hit countries in the eurozone, however acknowledging that the people had to shoulder a "considerable" burden.
"What counts is that the currency union and the euro were maintained," Merkel said in an interview with Germany's Suddeutsche Zeitung.