Greece plans to raise up to €10 bln from debt markets in 2024
Greece plans to raise up to €10 billion from debt markets via short- and long-term bond issues next year, its debt agency PDMA said on Friday.
Outlining its 2024 strategy, PDMA said Greece plans to repay ahead of schedule more bailout loans and reduce the amount of T-bills in circulation.
The agency’s plan confirmed a Reuters report in November that Greece plans to repay earlier more loans owed to euro zone countries under its first bailout.
“Funding strategy for year 2024 will focus on the continuous presence in the international debt markets, accompanied by the reduction in the level of public debt,” the debt agency said in a press release.
It added that it might issue its first green bond next year, a move that was earmarked for this year.
The country, which earlier in the year regained an investment-grade credit rating after 13 years, also plans to continue bond reopenings through auctions of up to €500 million each, to add liquidity in specific parts of the yield curve.
Greece has been recovering after a decade-long finance crisis and three international bailouts worth more than €260 billion. Its economy is forecast to grow by 2.9% next year from 2.4% this year, outperforming its euro zone peers, thanks to robust tourist revenues and EU funds.
The country, which exited bailout programs in August 2018, has accumulated a cash buffer of about €30 billion, sufficient to cover at least two years of maturing debt. [Reuters]
