Greece to buy back 30b euro private investor debt
Source: Agencies |
December 9, 2012, Sunday
|
Print Edition
Print Edition
GREECE is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country's international bailout, a Greek government official said yesterday.
Greek and foreign bondholders offered the targeted 30 billion euros (US$38.8b) in the deal, which is central to efforts by Greece's euro zone and International Monetary Fund lenders to cut its debt to manageable levels.
"The buyback went well ... The amount offered by investors was within the range expected, about 30 billion euros," the official said.
The buyback accounts for about half of a broader, 40-billion euro EU/IMF debt relief package for Athens agreed in November. Under its terms, Athens will spend up to 10 billion euros of borrowed money to buy back bonds with a nominal value of 30 billion euros.
Since the bonds are to be bought far below their nominal value, the country's net debt burden would fall by about 20 billion euros.
A buyback will ensure that the IMF will stay on board.
No formal announcement is expected before tomorrow.
Greek and foreign bondholders offered the targeted 30 billion euros (US$38.8b) in the deal, which is central to efforts by Greece's euro zone and International Monetary Fund lenders to cut its debt to manageable levels.
"The buyback went well ... The amount offered by investors was within the range expected, about 30 billion euros," the official said.
The buyback accounts for about half of a broader, 40-billion euro EU/IMF debt relief package for Athens agreed in November. Under its terms, Athens will spend up to 10 billion euros of borrowed money to buy back bonds with a nominal value of 30 billion euros.
Since the bonds are to be bought far below their nominal value, the country's net debt burden would fall by about 20 billion euros.
A buyback will ensure that the IMF will stay on board.
No formal announcement is expected before tomorrow.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
