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Official: Greece Is Close to Reaching Debt Buyback Target

Greece is near to reaching its target in a buyback of sovereign debt that will unlock aid from the International Monetary Fund and the European Union, according to a Greek government official.

The amount offered in the buyback of Greece’s bonds is close to 30 billion euros, the official at the Finance Ministry said on condition of anonymity, referring to the face value of the securities.

The transaction went “very well,” Prime Minister Antonis Samaras told reporters in Munich late yesterday after meeting leaders of the German state of Bavaria.

Domestic and overseas investors offered to sell back to Greece as much as 27 billion euros of their holdings of the nation’s bonds, state-run NET TV reported. Greek banks submitted offers of around 10 billion euros, while foreign investors, including hedge funds, offered as much as 16 billion euros, Kathimerini newspaper said.

via Bloomberg [1]

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