Monday September 15, 2014 Search
Weather | Athens
28o C
21o 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)  
Remains believed to belong of French hiker found on Mt Olympus, four years later
Thessaloniki man dies in heavy rainfall on Sunday
Soccer fan in critical condition after Sunday clash to be transferred to Athens
Democracy under Pressure | Live Streaming
Alpha Bank launches voluntary dismissal program
Greece's fourth-largest lender, Alpha Bank on Monday announced that it is launching a voluntary dismissal program as part of cost-cutting efforts, the state-run Athens-Macedonia News Agency ...
ANALYSIS
OMT may be key to full market access
The upgrade of Greeces credit rating by Standard & Poors, the likely attainment of the fiscal target, signs of economic recovery and the ECBs recent policy actions may further compress bo...
Inside Business
WATER POLO
Greece wins womens U19 Europeans in water polo
Greece won the womens European Under-19 Championship in Italy beating the host in Sundays final, for what was the countrys second gold medal in the competitions history. The Greek teenag...
SOCCER
Veria alone on Super League summit
Olympiakos appeared in fine shape ahead of its Champions League premiere against Atletico Madrid on Tuesday, beating visiting OFI 3-0 on Saturday, but Macedonian minnows Veria are those that...
Inside Sports
COMMENTARY
Lost in the fog
I recently attended an event where one of the guests was a much talked-about personality of the center-left, a person who has never been part of a government administration. People kept goin...
EDITORIAL
Sending out a clear message
Few things are worse in politics than sending out vague or contradictory messages. Interestingly, there has been little else from the direction of the conservative-led government since the l...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Remains believed to belong of French hiker found on Mt Olympus, four years later
2. Alpha Bank launches voluntary dismissal program
3. Thessaloniki man dies in heavy rainfall on Sunday
4. Soccer fan in critical condition after Sunday clash to be transferred to Athens
5. Democracy under Pressure | Live Streaming
6. Central Athens traffic restrictions back in force on Monday
more news
Today
This Week
1. Central Athens traffic restrictions back in force on Monday
2. Democracy under Pressure | Live Streaming
3. Soccer fan in critical condition after Sunday clash to be transferred to Athens
4. Sending out a clear message
5. Lost in the fog
6. Thessaloniki man dies in heavy rainfall on Sunday
Today
This Week
1. A Greek God
2. Avramopoulos appointed Commissioner for Migration and Home Affairs
3. Greece on standby
4. Pavlos Fyssas murder trial expected to start before the end of the year
5. EU bank tests may miss trillion dollar risk, study finds
6. SYRIZA spokesman suggests gov't sought to stop NERIT airing Tsipras speech live
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.