The Public Debt Management Agency wants to limit Greece’s exposure to treasury bill issues with the aim of preparing the country for a possible run from them in case the world economy slows down.
Despite the fact that yields on Greek T-bills are at record lows, they are still several rungs below investment grade.
At present, the value of circulating treasury bills is 15.3 billion euros, with about two-thirds (9.5 billion) held by foreign investors.
The Public Debt Management Agency plans to reduce the T-bill amout by a billion euros next year and accelerate the trend in 2021.
By contrast, it wants to increase the circulation of bonds, especially those of relatively short duration (three years, for example), believing it will help market liquidity.