The sale will probably be held in the middle of next week and hinges on the outcome of a meeting of euro-area finance ministers on July 7, according to a Greek government official who asked to remain anonymous because the auction has yet to be announced. A Finance Ministry spokesman declined to comment.
Prime Minister Antonis Samaras’s government, taking advantage of record-low euro-area interest rates, returned to bond markets in April after a four-year exile, expecting the economy to grow this year for the first time since 2007. Investors, confident the country was brought back from the brink by its euro-area partners, have plowed into its paper.
In the last three months, Greek banks and companies raised 11.2 billion euros from international investors in capital increases and bond sales, according to Alexandros Maglaras, who helps oversee 300 million euros at Triton Asset Management in Athens. The Greek state and the country’s companies raised 14 billion euros from foreign investors, equivalent to about 7.7% of gross domestic product, in just a few months, he said in an e-mailed response to questions last week.
Source: Bloomberg
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