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Bond swap programme succesfully completed, says Tzanakopoulos

A small step in the right direction

 

The bond swap programme was successful completed on Wednesday, government spokesman Dimitris Tzanakopoulos said on Wednesday during a press briefing.

“It is a procedure that started on November 18 while it reached a coverage rate of 86.1 pct,” he said, “adding that it is the second successful effort to return to the markets after the previous one in July, aiming to change the profile of Greek debt so as to make its trading in the international markets easier.”

The completion of the procedure marks the achievement of the main targets:

The normalization of the bond market by the absorption of non-standard PSI bonds. Also, “a significant injection of liquidity was made and Greek debt became more attractive to non-leveraged investors,” he said.

Regarding the negotiations with Greece’s partners, Tzanakopoulos underlined that significant progress has been achieved.

The Greek government has committed to the Eurogroup decision of June 15 “to continue with technical competence and accountability the great effort to create the conditions so that the official sector’s support will not be necessary as of August 2018 for the servicing of the Greek debt,” said Tzanakopoulos.

Source: thegreekobserver.com