2017.07.2507:33:00UTC+00EU Says Confidence Returning As Greece Sells Bonds First Time Since 2014

Greece has made much progress since 2010 and investor confidence is returning to the country, European Commission Economic and Financial Affairs Commissioner Pierre Moscovici said Tuesday, as the country held a sale of its government bonds for the first time since 2014.

Since February, Greece has made several important and very positive developments, Moscovici said.

The top EU official expressed hope that Greece will be able to stand on its feet within a year and become a 'normal' member of the euro area again.

"I am convinced that Greece can once again look to the future with hope and confidence."

On Tuesday, Athens held a five-year bond issue with settlement date August 1. The yield for the new bonds is reportedly around 4.75 percent.

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.

Last week, the International Monetary Fund agreed to a new loan "in principle" worth $1.8 billion to Greece. The deal will become effective only after the Washington-based lender receives specific and credible assurances from Greece's European partners to ensure debt sustainability.