Bond sale 'most important message' on road to exiting bailouts, Tsipras says

Greece says it will issue a five-year bond on Tuesday in the country's first attempt to return to international borrowing markets since a single

The Greek finance ministry has set a goal of a 4.2% interest rate on the new bond.

Greece now has no real need to draw money from the bond markets as it recently received renewed financial support at lower rates under its global bailout that should see it through until next year.

The Greek economy almost collapsed in 2010 under a mountain of debt and the government had to be bailed out by its eurozone partners.

Speaking after the bond issue was announced, the EU's economy commissioner, Pierre Moscovici, described the public spending cuts imposed on Greece since it nearly went bust as "too tough" but "necessary", adding there was now "light at the end of austerity".

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But the clash with borrowers killed off a nascent recovery, with the Greek economy stagnating in 2016, although it is expected to post modest growth of 2.1 percent this year.

"Greece can return to bond market with logical yields", suggests Commissioner Moscovici, recognizing the country's "significant effort to fix deficits".

"This choice is a significant step, part of Greece's strategy to regain viable and steady access to worldwide markets", Tsipras's office said in a statement.

Rating agency Standard & Poor's had raised the country's rating outlook to "positive" from "stable" on Friday, on the expectation that the government will receive debt relief from its creditors next year.

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"Our return to the markets is an especially important landmark in the course toward exiting the crisis", Prime Minister Alexis Tsipras tweeted on Tuesday.

Eurozone ministers approved billions in funding for Athens just earlier this month.

A Greek government official said more than 200 official offers worth 6.5 billion euros were made in the sale, saying that the majority of those were "real investors of global caliber, not profiteering funds".

This gave Athens the chance to test without major financial risks its credibility in the markets.

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However, the IMF said it would not release any funds until the eurozone agreed on a deal to cut Greece's €314bn debt burden. However, the country's sovereign bonds are still not eligible to be bought by the European Central Bank (ECB), as the ECB's president Mario Draghi said last week it was "premature" to talk about buying Greek debt as part of the central bank's quantitative easing programme.

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