Care­ful steps for re­turn to the mar­kets

Kathimerini English - - Front Page - BY SOTIRIS NIKAS

The Fi­nance Min­istry will be tread­ing care­fully as Greece pre­pares its re­turn to the in­ter­na­tional money mar­kets for bor­row­ing that will cover part of the coun­try’s fund­ing gap and sig­nal the grad­ual re­cov­ery of Greece’s eco­nomic in­de­pen­dence.

A se­nior min­istry of­fi­cial has in­formed Kathimerini that Greece’s first ef­fort to tap the mar­kets af­ter four years will not have the char­ac­ter of a mas­sive and dis­or­ga­nized mar­ket en­try, but, as is usu­ally the case in such in­stances, the gov­ern­ment will try to have the bulk of the bond is­sue cov­ered by pri­vate place­ments.

The same of­fi­cial ex­plained that the gov­ern­ment’s aim re­mains the is­sue of bonds, most likely in the sec­ond half of the year, for an amount that will not ex­ceed 3 bil­lion eu­ros, and the ma­tu­rity pe­riod of the new is­sue will be be­tween five and seven years.

Last week Fi­nance Min­is­ter Yan­nis Stournaras said there will be a fiveyear-bond is­sue for about 1.5 to 2 bil­lion eu­ros. How­ever, the de­tails of the project have not been fi­nal­ized and the gov­ern­ment has yet to over­come the re­sis­tance of Ger­many and the In­ter­na­tional Mone­tary Fund, al­though the sig­nals from in­vestors have been very pos­i­tive.

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