Saturday December 20, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece waits for buyback result, with local banks likely to hold key

Greece has to wait until Tuesday lunchtime to find out if it has reached the 30-billion-euro target for its bond buyback progam after extending the deadline, which expired on Friday.

The government announced early Monday that it would accept tenders until noon (London time) on Tuesday but did not reveal how close to its target it was.

It was originally thought that Greece had collected enough bonds on Friday to reduce its debt by 20 billion euros but this appeared not to be the case on Monday.

A total of 26.5 billion euros was tendered at an average price of 33.4 percent of face value when the offer expired on Friday, a senior euro zone official told Reuters.

That would mean Greece would still have 1.15 billion euros left over from the 10 billion euros it was allotted to spend to retire outstanding debt.

Assuming the same average price, it could buy an extra 3.5 billion euros worth of bonds.

We are confident that there is scope for additional tenders from domestic and international investors, European Commission spokesman Simon O'Connor told journalists in Brussels.

A successful debt buyback is an integral part of the Eurogroup agreement of November 27 and a requisite for the success of the adjustment program, he added.

The Eurogroup will meet on December 13 to review the outcome of the debt buyback operation and take the necessary decisions with regard to the next disbursement for Greece.

If Greece meets the target of 30 billion euros, it should ensure that the International Monetary Fund continues to co-finance the Greek bailout and that a long-awaited loan tranche of 34.4 billion euros will be released following Thursdays Eurogroup.

However, it may take Greek banks putting forward more of their bonds in order for the target to be met. According to reports, the lenders offered about 10 of the 17 billion euros worth of bonds they own by Friday.

Another 16 billion euros came from foreign investors, which means that unless more hedge fund take part in the buyback, Greek banks will have to make up the difference to meet the 30-billion-euro mark.

On Friday, the banks' boards gave approval for up to 100 percent of their Greek bondholdings to be used in the buyback.

ekathimerini.com , Monday December 10, 2012 (15:29)  
Tsipras admits there could be hard days ahead
Public medical centers keeping up despite shortages
Scientists to announce Amphipolis skeleton findings next month
PM to take legal action over allegations of bribery in presidential vote
Workers rush to get early retirement
Nine out of 10 workers who retired in the last four months who had belonged to the former special funds of banks and state corporations that have now been incorporated in the Social Security...
Piraeus Containter Terminal goes from strength to strength
Piraeus Container Terminal, the local subsidiary of Chinese giant Cosco Pacific, is expected to handle a total of over 3 million containers in the January-December period of this year. The J...
Inside Business
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
SOCCER
Abidal cuts short playing career at Olympiakos
Former France and Barcelona defender Eric Abidal announced his retirement from football on Friday, a day before his last match. Abidal said he will finish after playing for Olympiakos agains...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldnt make it up: That Sony, one of the worlds biggest film producers, would be forced to pull a comedy about the assassination of North Koreas dictator after a ...
EDITORIAL
Oblivious to change
The world around us is undergoing many important changes while we sit around stewing in our own juices. US President Barack Obama is actually talking with Cubas Raul Castro, for example, bu...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Explosive Barca unfazed by Panathinaikos, bomb scare
2. Tsipras admits there could be hard days ahead
3. Public medical centers keeping up despite shortages
4. Workers rush to get early retirement
5. Piraeus Containter Terminal goes from strength to strength
6. Moscovici: Creditor inspections to become less frequent and lighter
more news
Today
This Week
1. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
2. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
3. Greek PM Samaras confronts peril putting his Greek transformation to vote
4. Independent Greeks leader backs MP's bribery claims, threatens to release video [Update]
5. Former premier Mitsotakis to meet President Papoulias to discuss political upheaval
6. Gov't spokeswoman says bribery claims 'badly-played charade,' heralds legal action if evidence not produced
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Europe's drama in Greece needs final act to avoid tragedy
6. High stakes
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.