Greece hails a comeback to bond markets after a three-year absence as an 'absolute success'. But there could be risks, warn analysts. Laura Frykberg reports.
It has a mountain of debt. But Greece keeps trying to get on top of it.. The latest attempt, by returning to the bond market for the first time in three years. SOUNDBITE (English) OANDA SENIOR MARKET ANALYST, CRAIG ERLAM, SAYING: "It's a huge milestone for Greece, it's something that they've been wanting to do for some years now and in a way I think what's held them back has been these disruptions with its creditors." After years of austerity in exchange for three bailouts. Greece is taking steps towards reducing its debt independently. But its government bonds have the lowest credit rating in the euro zone. Athens climb is not without risks. SOUNDBITE (English) OANDA SENIOR MARKET ANALYST, CRAIG ERLAM, SAYING: "Yields on its debt can skyrocket quite quickly, and this is one of the issues it could face if it does start to issue debt and things start to turn a little bit sour. Then it could look back towards its creditors for financing." The European Union Economic Affairs Commissioner at least, does not want that to happen. Welcoming the news with a warning to lenders. (SOUNDBITE) (French) EUROPEAN UNION ECONOMIC AFFAIRS COMMISSIONER PIERRE MOSCOVICI, SAYING: (OFFICIAL TRANSLATION THROUGH INTERPRETER) "Greece's creditors must respect the measures concerning their debt. This is important so that there's trust when Greece has returned fully to markets." But that could be some time away. While Greece's government borrowing costs are near their lowest level since 2010. Its debt remains at 180 percent of economic output.