Greece Taps Markets For 4Th Time In 2021, Raises 2.5Bn Euros

An employee of the Acropolis hill wearing protective face mask stands guard next of a Greek flag during a media tour for the Foreign Correspondents organised by the Greek Cultural Ministry at the Acropolis hill in Athens, Tuesday, June 8, 2021. Following last year's COVID-19 travel restrictions, tourism-reliant Greece is hoping to see a significant uptick in tourist arrivals this summer, and has expanded its list of nationalities allowed in for non-essential travel to include 23 countries – among them the U.S., the U.K. and China – as well as members of the European Union and the Schengen passport-free travel zone. (AP Photo/Thanassis Stavrakis)
An employee of the Acropolis hill wearing protective face mask stands guard next of a Greek flag during a media tour for the Foreign Correspondents organised by the Greek Cultural Ministry at the Acropolis hill in Athens, Tuesday, June 8, 2021. Following last year's COVID-19 travel restrictions, tourism-reliant Greece is hoping to see a significant uptick in tourist arrivals this summer, and has expanded its list of nationalities allowed in for non-essential travel to include 23 countries – among them the U.S., the U.K. and China – as well as members of the European Union and the Schengen passport-free travel zone. (AP Photo/Thanassis Stavrakis)

ATHENS, Greece (AP) — Greece raised 2.5 billion euros ($3.1 billion) on Wednesday after reopening a 10-year bond auction, with demand reportedly more than 10 times the received amount.

Finance Minister Christos Staikouras said the yield at the latest auction was close to 0.9%. The bond was first issued in late January, when it raised 3.5 billion euros on a yield close to 0.8%.

The center-right government is hoping to take advantage of low interest rates to improve the country’s long-term debt sustainability after three successive international bailouts ended in 2018.

It is the fourth time Greece has tapped the markets this year.

The pandemic pushed the country back into recession in 2020 and the national debt is expected to reach nearly 209% of annual output this year, according to the European Commission.