LONDON (MarketWatch) — After touching the highest levels since 2013, Greek borrowing costs moved firmly lower in midmorning trade on Monday as the country’s prime minister Alexis Tsipras ruled out an exit from the eurozone.

The yield on the benchmark 10-year Greek government bond dropped 23 basis points to 10.910%, after trading as high as 11.301% earlier in the morning, according to electronic trading platform Tradeweb. The yield on 5-year bonds fell 14 basis points to 14.566%. The ATHEX Composite stock index GD, -0.71% rallied 4.5% to 754.63.

Tsipras and Greece’s finance minister Yanis Varoufakis on Monday kept up their separate tours of Europe to win support for a renegotiated bailout program, including a write-off of parts of Greece’s debt.

Speaking in Cyprus after a meeting with Cypriot President Nicos Anastasiades, Tsipras stressed that Greece will stay in the eurozone and that his country has not turned to Russia for backing, Reuters reported. Last week, questions arose over whether Greece would look to Russia for bridge financing if Europe refused to accept the new government’s demands.

“We are in substantial negotiations with our partners in Europe and those have lent us. We have obligations towards them,” Tsipras said, according to Reuters. “Right now, there are no other thoughts on the table.”

Meanwhile, in London, Varoufakis met with his U.K. counterpart, Chancellor of the Exchequer George Osborne, before leaving Downing Street for the City to meet around 100 banks and financial institutions, media reports said. Later, he plans to talk with Italian Prime Minister Matteo Renzi and the head of the European commission, Jean-Claude Juncker.

Speaking in Paris on Sunday, Varoufakis said Greece has no intention of asking for any more aid from its troika of international lenders under the current bailout agreement. He added that it’s time for the country to go “cold turkey”, according to media reports.

“We’re not going to ask for any more loans,” Varoufakis said after meeting France’s finance minister, Michel Sapin. “During this period, it is perfectly possible in conjunction with the ECB to establish the liquidity provisions that are necessary,” he said, according to Bloomberg.

Analysts at Goldman Sachs said in a note on Monday that the new government has turned “more euroskeptic and confrontational than we anticipated ahead of last weekend’s election. This increases the risk of a political miscalculation leading to an economic and financial accident and, possibly, Greek exit from the euro area.”

However, they analysts cautioned that “eventually, some accommodation will be found between the new Greek government and Greece’s official creditors.”

On Saturday, German Chancellor Angela Merkel ruled out a haircut on Greece’s mounting pile of debt, while ECB Governing Council member Erkki Liikanen threatened to cut off central-bank lending to Greek banks if Athens doesn’t agree to renew its bailout package. In January, the ECB approved an emergency funding line for Greek banks that were feeling a squeeze ahead of the general election.