Saturday December 20, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece sees 'trial and error' bond foray, full return in 2016

By Lefteris Papadimas & Deepa Babington

Greece's first foray into bond markets after a four-year exclusion will be on a «trial and error» basis but the nation expects to fund itself unaided in 2016, its finance minister told Reuters on Wednesday.

Buoyed by bond yields at a four-year low and a long-awaited deal with EU/IMF lenders that has unlocked more aid, Athens says it could issue debt as early as within the next three months.

"Now it is the right time - after all the good news we've had - to enter markets,» Yannis Stournaras told Reuters at his office overlooking Greek parliament in the central Syntagma square.

"The mood has changed dramatically recently. Simply look at what happened at Eurogroup - everybody thinks that Greece now is out of the woods."

The Eurogroup of finance ministers met in Athens this week, attracting about 5,000 protesters who denounced the latest measures agreed with the European Union and the International Monetary Fund to try to make the economy more competitive.

Greek officials have previously told Reuters the initial post-bailout bond issue will likely be for 2 billion euros ($2.75 billion) of five-year bonds by June, but Stournaras declined to comment on the sum, saying only that the initial issuance would be «small».

"It will be a trial and error process,» he said.

"What we need first of all is to smooth the yield curve and second, it is time to see how markets react, because at some time in the future we have to enter markets completely and finance all of our needs through markets."

A return now would be among the swiftest comebacks by a country from default, given Greece imposed losses on private bondholders in 2012.

Asked if Athens would consider a second issue later in the year, Stournaras said: «If we think that markets are suitable for any extra issuance we might attempt it but for the moment we consider it a trial and error process."

There was «huge appetite» from foreign investors for the issue, Stournaras said.

He reiterated that Greece did not need additional financing beyond its current bailout program for the next year and hoped it would not need fresh aid for the year after that.

"Definitely we don't need new money for the next 12 months. Then for the other 12 months under certain conditions we might again not need more money,» he said.

"Then, I hope, after that Greece will be fully ready to access markets completely,» he said, confirming that would be in 2016.

After nearly crashing out of the eurozone in 2012, «Greece is back,» Prime Minister Antonis Samaras declared earlier on Wednesday.

Economic data has begun to show signs that a six-year recession is ending, and the government says it posted a budget surplus before interest payments last year, making it eligible for further debt relief from its partners.

Stournaras confirmed Athens would start discussions on further debt relief from its partners once that primary surplus, which he estimated at 2.5 billion euros, is confirmed by the European statistics agency later this month.

Stournaras expects Greece to post growth of 0.6 percent this year, and unemployment to start falling this year after peaking at 28 percent.

[Reuters]

ekathimerini.com , Thursday April 3, 2014 (10:01)  
Workers rush to get early retirement
Piraeus Containter Terminal goes from strength to strength
Moscovici: Creditor inspections to become less frequent and ‘lighter’
Property capital gains tax halt
Tsipras admits there could be hard days ahead
SYRIZA leader Alexis Tsipras said on Friday that he is determined to implement his party’s economic program if it comes to power but admitted that it would experience a challenging period. “...
Public medical centers keeping up despite shortages
Despite having just 1,050 doctors, medical centers belonging to Greece’s public health system (PEDY) saw more than 200,000 regular and emergency patients, made over 3,500 house calls and iss...
Inside News
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 couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s 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 Cuba’s 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. Gov't spokeswoman says bribery claims 'badly-played charade,' heralds legal action if evidence not produced
6. Former premier Mitsotakis to meet President Papoulias to discuss political upheaval
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.