According to Cyprus’ government spokesman, the island country has raised over 1.5 billion euros ($1.75 billion) from at an astonishing 2.4% percent interest rate.
The spokesman, Mr. Prodromos Prodromou said the 10-year-old bond issue has been oversubscribed to over four times and shows the amount of trust placed in Cyprus’s economy by the international financial community.
Notably, the groundbreaking cash-raising act was done only four days after Standard & Poor’s – an esteemed international credit rating agency, declared Cyprus as worthy of being in investment grade after six years of considering the country’s bonds as “junk.”
After the financial crisis in 2013, Cyprus required a multibillion-euro rescue deal from creditors in order to prevent bankruptcy.