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Moscovici: Greece's market return and "dramatic improvement"

Moscovici: Greece's market return and

The old issue remains - the big European Union countries want to end the bailouts but baulk at the kind of fundamental debt writeoffs or restructuring that would help this to happen.

Greece is set to issue new five-year bonds yielding around 4.75% on Tuesday, in a deal that also involves buying back debt due in 2019 that was sold during Greece's last, brief period of market.

Earlier this month, eurozone finance ministers approved the latest 8.5-billion-euro ($9.9-billion) disbursement of the current bailout package, just in time for Athens to meet the deadline for major debt repayments.

In a sign that the country is turning a corner the economy is projected to grow by 2.1 percent this year - after no growth at all in 2016.

Reuters reported that Greece had employed six banks - BNP Paribas, Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs and HSBC - to act as joint lead managers for a five-year euro bond "subject to market conditions".

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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The country's return comes on the same day as European Commissioner for Economic and Financial Affairs Pierre Moscovici is visiting Athens.

Earlier this month, eurozone finance ministers approved the latest 8.5 billion-euro ($9.9-billion) disbursement from its third global bailout, just in time for Athens to meet major debt repayments.

Greece returned to the debt markets for the first time in three years on Tuesday, with reports saying it was on track to raise funds at a lower cost, marking a symbolic victory for the beleaguered eurozone nation.

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Last week, the International Monetary Fund agreed to a new loan "in principle" worth $1.8 billion to Greece.

Statements by the European Central Bank boss, Mario Draghi, have also appeared more supportive of southern European states, which remain highly indebted and are emerging only gradually from the after-effects of the financial crisis.