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Adequate covering of the credit needs could eliminate for a long period of time the need for the country to return to the international markets in order to provide liquidity by issuing medium and long term securities.

As to the viability of the public debt, the debt is expected to fall to 107 billion euro thanks to the new package of financial aid. This will happen as a result of the implementation of the PSI and the cumulative reduction in the cost for paying interest on the debt of 98 billion euro (or an average of 4.7 points of the GDP annually) during the period 2012-2020, according to Eurobank.

The objective of reducing the ratio of government debt to GDP to 120.5 percent in 2020 is attainable, providing that the new programme of fiscal consolidation and structural reforms are strictly implemented says a study of Eurobank.

Auction of treasury bills on Tuesday
The government debt management organization plans to have auction of 6-month treasury bills held next Tuesday, 6^th of March.

The starting price is 875 million euro, but with the adoption of the non competitive bids, the maximum amount that can be reached is 1.4 billion euro.

The maturity of the six-month securities in March is 1.6 billion euro, having in mind that at the same time is the due date also of the 3-month treasury bills worth 1.46 billion euro.

Along with the auction the Ministry of Finance provides an opportunity for individuals (private investors) to purchase six-month securities with tax-free income, provided that they will hold them until their maturity and they will acquire them:

- Through a public registering in any bank or brokerage company from Monday to Wednesday, 7^th of March, 2012, with a maximum nominal amount of 15,000 euro for each individual. The selling price will be the price of the last bid accepted at the auction (cut-off price).

- Within 5 working days after the date of the agreement, i.e. until Friday, 16^th of March, 2012, for unlimited amounts, but for prices set by the banks and brokerage firms.

The response of individuals regarding the acquisition of securities after the "cutting" of the bonds held by individuals will also be interesting.