Greece sold 6-month bonds worth at 1.14 billion EUR

Noam Stiekema

Greece sold 6-month bonds worth at 1.14 billion EUR amid the country’s efforts to find the necessary funds to cover its debt maturing approaching. The Greek agency debt management stated that interest rates have risen to 2.97% compared to 2.75% at the auction in February. The country was forced to release bonds to raise desperately […]

Greece Debt

Greece DebtGreece sold 6-month bonds worth at 1.14 billion EUR amid the country’s efforts to find the necessary funds to cover its debt maturing approaching. The Greek agency debt management stated that interest rates have risen to 2.97% compared to 2.75% at the auction in February. The country was forced to release bonds to raise desperately needed money. It has already transferred the limit of 15 billion EUR determined by its international creditors and asked raising the ceiling for bond issues.

The Greek government is looking for ways to cover the financial needs of the country and its obligations. On Friday, the Greek government has to pay IMF loan worth at 298 million EUR from the first rescue program by 2010. In March Greece needs to pay additionally 6 billion EUR for debt payments.

It is expected that the Finance Minister of Greece Yanis Varoufakis will submit reform proposals at a meeting of finance ministers of the Eurogroup in an attempt to convince its partners in the bloc unblocked part of the funds under the approved extension of the rescue program country. President of the Eurogroup Jeroen Dijsselbloem commented recently that probably will be allocated 7.2 billion EUR for Greece.

Yanis Varoufakis likely will introduce measures for administrative reform in Greece, for the settlement of debts to the state and improving tax collection. It is expected that the announcement of the Fiscal Council and the new unit, which will deal with tax inspections.

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