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Greece will Issue Bonds for 625 Million Euro

02 August 2014 / 10:08:10  GRReporter
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Next Tuesday, 5 August, the Public Debt Management Agency will be issuing bonds of a six-month maturity in order to get 625 million euro. The day of settlement is Friday, 8 August, and the bond interest rate will be determined according to the ACT / 360 basis.

The agency made a statement that the auction will be held with competitive bids by the major brokers in the secondary market of securities and in accordance with the procedure provided for in the Rules regulating their functions.

In the same Rules, the submission of non-competitive bids is provided for, both on the date of the tender and within 2 working days after its completion, until midnight on the second day. Non-competitive tenders must comply with the last offer submitted in the tender (cut-off price) and reach 30 percent of the emitted value for each of the opportunities for participation.

Meanwhile, the Greek Minister of Finance, Gikas Hardouvelis, announced in the Parliament that most of the budgetary consolidation measures have already been implemented, but this process has not reached its end yet. "We took most of the beating, the financial discipline in particular. But we have not finished yet. We're the ones who pay the bill and must be careful, "he said, in the first summer session, before the Members of Parliament, who are going to vote the law providing for the measures that shall be taken.

Hardouvelis said that the purpose of this law is "to promote structural changes that will bring growth and added value. As we are approaching the end of the consolidation programme, the changes are more structural than fiscal”.

According to him, the bill is a good example that the structural changes are not just an initiative of ministers or cabinet members but of the whole government. "The promotion of employment and economic growth should be carried out not only by the Cabinet, but also by the Parliament, every businessman and citizen."

In conclusion, the Minister of Finance pointed out that all European countries, no matter if they have been facilitated by any financial assistance, show by their actions that the only option  is the way of implementing bold changes to stimulate the economy and the reforms in favour of the sustainability of the European economy.

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