The Hellenic Republic plans to look into the possibility of using exotic derivatives to better manage its debt portfolio, says Spyros Papanicolaou, director general at the Public Debt Management Agency (PDMA).
“We plan to borrow about €35 billion this year, with redemptions equal to €25 billion compared with gross borrowing of €37.5 billion in 2004,” he says.
By end-May, Greece had borrowed a total of €24 billion. It privately placed €3.5 billion of 12-year FRNs with five Greek banks and auctioned a three-year, 2.9%
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