Greece is regaining the confidence of international markets. After many years and because of the many structural reforms, there was a surplus of 0,6%. According to OECD, Greece is between the top 5 positions among 34 OECD countries because it implemented successfully the necessary set of structural reforms. OECD has published its report for the year 2013 “Going for Growth”, according to which “euro area countries under fiscal assistance are among the OECD countries whose responsiveness to OECD’s suggestions for economic reconstruction was highest and also where it increased most compared to the previous periods”.
The perception of international markets improved as a result of the improvement of the economic climate in Greece during 2013. This improvement led to increased acceptance of the Greek bonds, even though the bonds could be issued at a range from 2,4% to 8,9%.
On April 2014, Greece could celebrate its return to international bond markets. It issued bonds of 5-year duration with interest rate of 4,75%. Greece managed to sell 3 billion Euros. The demand for the Greek bonds was so high that it was possible to collect almost 20 billion Euros. Investors believe that the uncertainly in Greece is over because the bailout programme was implemented successfully and because of the fact that the possibility that Greece will leave the euro area is no longer true. The country’s return in bond markets is a great success and it was considered to be a major relief for the Greek economy.