LONDON: Greece will launch a multi-billion euro bond issue next week, the Financial Times reported on Saturday, in the wake of Thursday’s deal to help the country out of its debt crisis.
Petros Christodoulou, the head of Greece’s public debt management agency, told the paper Athens wanted to borrow some five billion euros (6.7 billion dollars) from the bond markets. “We would like to return to the market within March,” he added.
Greece is likely to issue either a three or seven-year bond this month, followed by another similar-sized issue in April in what will be a crucial test of confidence, the FT said. A deal was brokered Thursday under which the 16-nation eurozone agreed to offer Greece loans in combination with the International Monetary Fund. The deal came at a crucial time for Athens, which has to ensure funding by May to repay debt of 20 billion euros (27 billion dollars). “We believe we will not need to use it,” Greek Prime Minister George Papandreou said afterwards, adding: “Greece has regained credibility."
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