BUSINESS

Greek bond yields keep increasing

EIRINI CHRYSOLORA

Finance Minister Euclid Tsakalotos travels to Paris and London on a charm offensive.

TAGS: Markets, Finance

Greek bond yields continued to rise Tuesday, increasing worries about the cost of borrowing the country will face once it has to cover all of its financing needs through the market. At the same time Finance Minister Euclid Tsakalotos is adamant that Greece will not need a precautionary credit line and is embarking on a series of contacts in an attempt to attract investor interest.

Tsakalotos departed on Tuesday for Paris for meetings with representatives of investment companies, hoping to convince them about the prospects of the Greek economy. He will continue his mission in London on Thursday. He is due back to Athens on Friday.

The Greek 10-year bond saw its yield climb further on Tuesday, reaching 4.38 percent from 4.29 percent on Monday, while the yield on five-year paper advanced from 3.64 percent to 3.77 percent in a day. The seven-year debt yield exceeded 4 percent, having been sold to investors with a 3.5 percent yield just last Thursday.

Analysts noted yesterday that domestic politics may have played a decisive role in the behavior of the markets, affected by the Novartis case.

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