To the rescue: Greek bond buyback a success
Financial daily Naftemboriki said foreign debt-holders had offered to sell sovereign bonds.
ATHENS:
A Greek operation to buy back some of the country’s huge debt at reduced prices to access additional European Union-International Monetary Fund financial aid has met the 30-billion-euro target set by the authorities, news reports said on Saturday.
Financial daily Naftemboriki said foreign debt-holders had offered to sell sovereign bonds worth around 15 billion euros ($19.5 billion) while Greek banks had contributed another 15 billion euros by the required deadline on Friday.
Greece began the buyback on Monday in a bid to cut the national debt by around 20 billion euros ($26 billion), inviting eligible holders to turn in sovereign bonds for 32.2 to 40.1 percent of their face value. Those who participated were to receive six-month bills issued by the European Financial Stability Facility rescue fund with up to 10 billion euros available from the fund for the operation.
Published in The Express Tribune, December 9th, 2012.
A Greek operation to buy back some of the country’s huge debt at reduced prices to access additional European Union-International Monetary Fund financial aid has met the 30-billion-euro target set by the authorities, news reports said on Saturday.
Financial daily Naftemboriki said foreign debt-holders had offered to sell sovereign bonds worth around 15 billion euros ($19.5 billion) while Greek banks had contributed another 15 billion euros by the required deadline on Friday.
Greece began the buyback on Monday in a bid to cut the national debt by around 20 billion euros ($26 billion), inviting eligible holders to turn in sovereign bonds for 32.2 to 40.1 percent of their face value. Those who participated were to receive six-month bills issued by the European Financial Stability Facility rescue fund with up to 10 billion euros available from the fund for the operation.
Published in The Express Tribune, December 9th, 2012.