Greece may get loan to buy back bonds
By Gabriele Steinhauser |
January 29, 2011, Saturday
|
Print Edition
Print Edition
LENDING Greece money to buy back its bonds on the open market is "one option" under discussion as eurozone governments overhaul their 440 billion euro (US$603 billion) bailout fund, a spokesman for the European Union's executive commission said yesterday.
Greece's bonds are currently trading below face value, meaning the country could buy them back at a discount and cut its mounting debt pile.
The European Commission raised that idea in an internal "working document" on improving the response to the debt crisis, said Amadeu Altafaj-Tardio, spokesman for EU Monetary Affairs Commissioner Olli Rehn.
However, he emphasized that the document wasn't a proposal from the commission, adding: "It will be up to the member states to see to it that our response (to the crisis) is more effective in the future."
Speaking to journalists at the World Economic Forum in Davos, Greek Finance Minister George Papaconstantinou confirmed that the idea of bond buybacks was being discussed, but stressed that Greece wasn't "engaged in any official way in those discussions."
The country was saved from bankruptcy with a 110 billion euro rescue loan from its partners in the eurozone and the International Monetary Fund last May.
Greece's bonds are currently trading below face value, meaning the country could buy them back at a discount and cut its mounting debt pile.
The European Commission raised that idea in an internal "working document" on improving the response to the debt crisis, said Amadeu Altafaj-Tardio, spokesman for EU Monetary Affairs Commissioner Olli Rehn.
However, he emphasized that the document wasn't a proposal from the commission, adding: "It will be up to the member states to see to it that our response (to the crisis) is more effective in the future."
Speaking to journalists at the World Economic Forum in Davos, Greek Finance Minister George Papaconstantinou confirmed that the idea of bond buybacks was being discussed, but stressed that Greece wasn't "engaged in any official way in those discussions."
The country was saved from bankruptcy with a 110 billion euro rescue loan from its partners in the eurozone and the International Monetary Fund last May.
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