ATHENS — Europe’s leaders have been preaching austerity for years, arguing that only deep budget cuts will revive the economy and inspire the necessary confidence among investors.

Now, they have symbolic proof, as Greece returns to the capital markets with plans to begin selling long-term bonds on Thursday.

The deal represents a major milestone for the country, which was effectively shut out of the markets in 2010 when the debt crisis left it dependent on international bailouts to stay afloat. Chancellor Angela Merkel of Germany, who more than any other leader is associated with European austerity, is scheduled to arrive in Athens on Friday to affirm that the government is on the right path.  Read more