Greece optimistic over debt buyback scheme

 ATHENS, Dec. 7 (Xinhua) -- Greek finance ministry¹ officials appeared confident over the outcome of the debt buyback plan shortly before the Friday evening deadline, expressing optimism that targets set would be reached and the country's debt burden would be further eased.

 

Greece's Public Debt Management Agency (PDMA) on Monday began the 10 billion euros (13 billion U.S. dollars) procedure, inviting³ private sector⁴ holders⁵ of Greek bonds to voluntarily exchange them at discount rates for European Financial Stability Facility (EFSF) notes.

 

The aim was to reduce Greece's debt load by a further 20 to 30 billion euros this year to ensure its sustainability in the next decade and open the way for the disbursement⁶ of the next bailout tranche to Athens under a deal with European Union and International Monetary⁷ Fund lenders.

 

 

 

The delayed rescue loans are vital to avert⁸ a disorderly Greek default and potential exit from the euro.

 

The move marks the second time in nine months that private bondholders are participating in a voluntary writedown of part of Greek sovereign debt. In March, Greece was granted a 100 billion euros writedown.

 

Since then, the face value of Greek state bonds has been reduced and now Greece offers participants of the debt buyback prices of some 30 euro cents to 40 euro cents on the face value, depending on maturities⁹.

 

The success of the latest bond buyback scheme depends on the extent of the participation¹⁰ of bondholders. Greek state officials speaking anonymously¹¹ to local media in Athens expressed confidence over the result, as last minute talks with representatives of the largest four Greek banks, which hold about 15 billion euros of bonds out of some 60 billion euros of eligible¹² bonds, continued on Friday.

 

Greek Finance Minister Yannis Stournaras said the government would push through a law to shield bankers from possible lawsuits¹³ by shareholders¹⁴ over the losses.

 

Greek banks were severely¹⁵ affected¹⁶ by the debt crisis over the past three years and suffered losses under the previous debt writedown scheme. However, they are expected to join the new buyback plan in order to ensure vital funds for their planned recapitalization in coming months.

 

Analysts¹⁷ in Athens noted¹⁸ that this was not necessarily the case for hedge funds which might opt² to exchange some 65 percent of the bonds they currently hold and keep to the rest to sell them at possibly higher prices in the future.

 

The bond buyback procedure is scheduled to end by Dec. 17.

1 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

2 opt   

vi.选择，决定做某事

参考例句：

• They opt for more holiday instead of more pay.他们选择了延长假期而不是增加工资。
• Will individual schools be given the right to opt out of the local school authority?各个学校可能有权选择退出地方教育局吗？

3 inviting   

adj.诱人的，引人注目的

参考例句：

• An inviting smell of coffee wafted into the room.一股诱人的咖啡香味飘进了房间。
• The kitchen smelled warm and inviting and blessedly familiar.这间厨房的味道温暖诱人，使人感到亲切温馨。

4 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

5 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

6 disbursement   

n.支付，付款

参考例句：

• Marine bill of lading showing any disbursement charges marked COLLECT not acceptable. 海运提单上显示的任何费用标明“到付”将不予接受。
• This makes the disbursement of 51 channel is very convenient. 这就使得51的支付渠道非常方便。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 avert   

v.防止，避免；转移(目光、注意力等)

参考例句：

• He managed to avert suspicion.他设法避嫌。
• I would do what I could to avert it.我会尽力去避免发生这种情况。

9 maturities   

n.成熟（maturity的复数形式）

参考例句：

• Maturities of commercial paper range from three days to nine months. 商业票据的期限从3天到9个月不等。 来自互联网
• German federal government bonds issued with maturities of up to 30 years. 指期限可长达30年的德国联邦政府债券。 来自互联网

10 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

11 anonymously   

ad.用匿名的方式

参考例句：

• The manuscripts were submitted anonymously. 原稿是匿名送交的。
• Methods A self-administered questionnaire was used to survey 536 teachers anonymously. 方法采用自编“中小学教师职业压力问卷”对536名中小学教师进行无记名调查。

12 eligible   

adj.有条件被选中的；(尤指婚姻等)合适(意)的

参考例句：

• He is an eligible young man.他是一个合格的年轻人。
• Helen married an eligible bachelor.海伦嫁给了一个中意的单身汉。

13 lawsuits   

n.诉讼( lawsuit的名词复数 )

参考例句：

• Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权，耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
• I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多，赢的也多，输的也多。 来自辞典例句

14 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

15 severely   

adv.严格地；严厉地；非常恶劣地

参考例句：

• He was severely criticized and removed from his post.他受到了严厉的批评并且被撤了职。
• He is severely put down for his careless work.他因工作上的粗心大意而受到了严厉的批评。

16 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

17 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

18 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。