Tuesday Jul 29, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek coalition eyes exit from crisis after issuing bond

Greek Finance Minister Yannis Stournaras talks to journalists at the Finance Ministry in Athens on Thursday.

Greece has taken a "decisive step to exit the crisis," Prime Minister Antonis Samaras said on Thursday after the country issued its first bond since entering a bailout agreement with the troika, managing to raise 3 billion euros at a lower-than-expected interest rate.

"The international markets have expressed in the clearest possible manner their trust in the Greek economy, their trust in Greeces future," he said. "They have shown trust in the countrys ability to exit the crisis, and sooner than many had expected."

His statement came soon after Greece received offers totaling almost 21 billion euros from more than 600 investors for a five-year-bond that will have an annual coupon of 4.75 percent. The government decided to accept offers worth 3 billion euros, rather than the 2.5 billion initially planned. The Finance Ministry said that about 90 percent of the offers came from "foreign institutional investors."

"Seriousness, good planning and coordination have been rewarded," said Finance Minister Yannis Stournaras, who described the issuing of the oversubscribed bond as an "undoubted success."

The Finance Ministry is now considering issuing more debt later this year, but in different forms such as 12-month T-bills and three-year and seven-year bonds, in order to bring the yield curve down further.

Deputy Prime Minister Evangelos Venizelos also hailed the country's return to the markets, arguing that it was a "major achievement that Greece did not turn into Argentina or Venezuela." He also launched a strongly worded attack on SYRIZA, which objected to the bond issue, accusing the leftists of being "political parasites that live off the [EU-IMF] memorandum."

"They should be ashamed of themselves," he said. "Instead of appreciating this moment of joy for the Greek economy and society, they are miserable."

Samaras also made several references to critics in his speech, indicating that the return to bond markets will feature heavily in the campaigns for May's local and European Parliament elections. "It is as if they are saddened by the country's success," he said of the government's critics.

"We are shooting ourselves in the foot," said SYRIZA leader Alexis Tsipras form Brussels. He accused the government of burying the discussion about further debt relief for Greece by issuing the bond. "How can we ask for a write-off now?" he said, arguing that a restructuring of Greeces debt before a return to international markets would have meant the country could borrow at a lower interest rate.

"Instead, Greece has gone onto the markets before the elections and with a high yield," he said.

ekathimerini.com , Thursday April 10, 2014 (20:34)  
Troika review in Athens unaffected by Paris meeting
Soldiers set to sue over wages
Nimetz in Athens without concrete ideas on name dispute
MPs question whether ELSTAT chief should stay
Taxpayers can designate account protected from seizures to cover state debts
Taxpayers are as of Tuesday able to designate a bank account at which they can hold up to 1,500 euros in deposits without fear that it will be confiscated cover any debts to the state. The d...
BoC eyes bond sale after raising 1 bln euros
LONDON/NICOSIA Bank of Cyprus, which has just raised 1 billion euros from investors, plans to sell up to 1 billion euros in bonds in September, chief executive John Hourican said, a move t...
Inside Business
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. I l...
Inside Sports
COMMENTARY
Through insecurity comes optimism
Prime Minister Antonis Samaras recently expressed his optimism regarding the quota of 180 Parliamentary deputies required for the election of Greeces next president, in order for the countr...
EDITORIAL
Futile policy
The policy that Israel has been pursuing vis-a-vis the Palestinians is wrong and futile. Current tactics have failed to resolve the security issue and, at the same time, they are rapidly dra...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Troika review in Athens unaffected by Paris meeting
2. Soldiers set to sue over wages
3. Taxpayers can designate account protected from seizures to cover state debts
4. Nimetz in Athens without concrete ideas on name dispute
5. BoC eyes bond sale after raising 1 bln euros
6. MPs question whether ELSTAT chief should stay
more news
Today
This Week
1. Greece names fifth privatization agency chief in four years
2. Archaeological council bans international climbers' gathering at Meteora
3. Worlds largest solar boat on Greek mission
4. Venizelos to meet Nimetz in Athens
5. Tsipras discusses Cyprus with Anastasiades in Athens
6. More than 120,000 households to receive special benefit
Today
This Week
1. Climber dies in Mount Olympus fall
2. Unequal after death
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
5. Quadriplegic woman on life support 'dies due to unpaid power bills'
6. Front-line threats
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.