Greece plans return to international markets in July

10:05, June 24, 2010      

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Greece planned to return to international markets this July to refinance Greek treasury bills in a major test of its credibility among lenders after the activation of the European Union- International Monetary Fund support mechanism in May, Greek media reported on Wednesday.

The Greek Central Bank announced the state current account deficit increased to 12.9 billion euros (15.8 billion U.S. dollars) in January to April this year, up by 25.5 percent compared to the same period in 2009.

According to a statement released Wednesday, the Greek trade deficit grew by 373 million euros (457.7 million dollars) during the first four months of 2010. The services surplus declined by 138 million euros (169.3 million dollars) and spending by foreigners in Greece fell by 7.8 percent compared to 2009.

As the Greek government continuously seeks ways to tackle the economic crisis that hit Greece hard this year, according to Greek media, the Finance Ministry plans to issue 4.8 billion euros (5.89 billion dollars) in treasury bills in July.

The aim is to test international lenders and prove the country, which was on the brink of default in May, can still borrow from international markets.

On April 20, Greece sold three-month treasury bills securing 1.95 billion euros (2.39 billion dollars)) at an interest rate of 3.65 percent. In January, in a similar issue of T-bills, the interest rate was 1.67 percent.

Source: Xinhua


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