ECONOMY

Athens is warming to a bond issue

athens-is-warming-to-a-bond-issue

Finance Minister Christos Staikouras stated on Tuesday that a market foray in the next couple of months is possible for the Greek state, so as to finance the country’s cash needs.

The minister told Open TV that the country’s cash reserves suffice to cover its needs until June, without drawing any funds from the cash buffer of the European Stability Mechanism, amounting to 15 billion euros.

He added that there is also the option of resorting to the international bond markets, as Greece may now take part in the program introduced by the European Central Bank to safeguard liquidity during the pandemic.

The ministry is concerned about the course of state revenues, with sources saying that the biggest blow is expected in May and June.

They also note that the relatively positive course of revenues in March shows that the payment culture has not suffered too much damage, while adding that the problem will stem from the decline in economic activity, which is projected to be reflected in the revenues of the months after April.