With confidence building over Prime Minister Kyriakos Mitsotakis’ reaching out to foreign investors and kick-starting stalled major projects, Greece raised 487.5 million euros ($544.4 million) in a treasury bill sale at a negative interest rate, according to AP.
It was the first debt auction of the year as the New Democracy government tries to accelerate a slow recovery some 17 months after the end of nine years of three international bailouts of 326 billion euros ($362.37 billion.)
Mitsotakis on July 7, 2019 snap elections ousted the former ruling anti-business Radical Left SYRIZA that had stymied the 8-billion euro ($8.89 billion) development of the abandoned Hellenikon International Airport, renovation of the port of Piraeus and had hard-core elements trying to keep out foreign companies.
A 29 percent corporate rate set by SYRIZA also drove off interest from major foreign investors but that has already been cut by the Conservatives who plan to drop it even further next year, to 20 percent.
Read the full report at thenationalherald.com
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