BoC come­back.

Kathimerini English - - Focus -

would be part of a bas­ket of Euro­pean cur­ren­cies with a sys­tem to man­age ex­change rate fluc­tu­a­tions is “not very cred­i­ble,” Lux­em­bourg’s fi­nance min­is­ter said yes­ter­day. Speak­ing to Reuters dur­ing a visit to Hong Kong, Fi­nance Min­is­ter Pierre Gramegna said the euro had been strength­ened by a se­ries of crises in the Euro­pean Union, in­clud­ing the Greek sov­er­eign debt cri­sis: “I think the euro is strength­en­ing per­ma­nently. That doesn’t mean ev­ery­thing is per­fect in the eu­ro­zone,” Gramegna said. “To­day the euro is more cred­i­ble than it was at its in­cep­tion, and cer­tainly strength­ened com­pared to the Greek cri­sis,” he added. Halkidiki. The chain has also ac­quired the Corfu Chan­dris and Das­sia Chan­dris ho­tels on Corfu, and Club Med Ke­fa­los on Kos, which will also be fully ren­o­vated ahead of their in­clu­sion in the Ikos Re­sorts port­fo­lio.

Bank of Cyprus priced its first public is­sue since bail­ing in bond­hold­ers dur­ing 2013’s Cypriot bank­ing cri­sis, in one of the strong­est in­di­ca­tors yet that its turn­around story has won over in­vestors. The 250-mil­lion-euro 10year non-call five-year Tier 2 bond (rated Caa3), priced at 9.25 per­cent, in­creased in size from 200 mil­lion and in­side ini­tial price talk of 9.5 per­cent. It drew in ex­cess of 600 mil­lion of or­ders from more than 80 in­vestors and had ral­lied al­most five points by yes­ter­day af­ter­noon. Bank of Cyprus (Caa2/B-) has made great strides since im­pos­ing losses on sub­or­di­nated and se­nior bond­hold­ers four years ago. It made the fi­nal re­pay­ments on its 11.4-bil­lion-euro emer­gency liq­uid­ity as­sis­tance last week in what the lender de­scribed as a “sig­nif­i­cant mile­stone” on its jour­ney back to strength.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.