Greece optimistic over debt buyback scheme
时间：2012-12-08 23:48:00
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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.
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