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ATHENS Greek banks are expected to have covered a shortfall in initial bids by the time Athens closes an extended offer on Tuesday to buy back bonds as part of an effort to cut debt and secure aid for its flagging economy. Athens gave bondholders until 7 a.m. EDT on Tuesday to tender Greek debt after the amount offered by Friday’s initial deadline fell short of the targeted 30 billion euros. The cut-price buyback’s success is crucial to putting Greece’s debt back on a sustainable footing, which in turn allows lenders to disburse aid to Athens. Greek banks, who had [...]

TEL AVIV There is a one in three chance that a future Greek government might decide to exit the euro zone, Standard and Poor’s EMEA ratings chief said on Monday. However, such a move would have extremely negative consequences and would likely deter other countries from following suit, he said. Moritz Kraemer, head of sovereign ratings at S&P for Europe, the Middle East and Africa (EMEA), said Greece would not leave the euro zone under its current government and even if it did exit at some future date the euro zone was unlikely to break up. “While we acknowledge that [...]

ATHENS Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country’s international bailout, a Greek government official said on Saturday. Greek and foreign bondholders offered the targeted 30 billion euros ($ 38.8 billion) in the deal, which is central to efforts by Greece’s euro zone and International Monetary Fund lenders to cut its debt to manageable levels. “The buyback went well in broad terms. The amount offered by investors was within the range expected, about 30 billion euros,” the official told Reuters on [...]

BERLIN Bundesbank chief Jens Weidmann has criticized a new debt deal for Greece agreed to by the country’s international creditors at the end of last month. In an interview with Germany’s Welt am Sonntag newspaper, Weidmann, who sits of the European Central Bank’s (ECB)policymaking Governing Council, said Greece’s funding gap would be financed by new credits and for the first time by actual transfers from national budgets. “Unfortunately the central banks are also not spared,” he said. Weidmann criticized the fact that Greece would meet part of its funding needs through auctions of short-term T-bills, saying this paper would mainly [...]

ATHENS Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country’s international bailout, a Greek government official said on Saturday. Greek and foreign bondholders offered the targeted 30 billion euros ($ 38.8 billion) in the deal, which is central to efforts by Greece’s euro zone and International Monetary Fund lenders to cut its debt to manageable levels. “The buyback went well in broad terms. The amount offered by investors was within the range expected, about 30 billion euros,” the official told Reuters on [...]

ATHENS Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to the country’s international bailout, a Greek government official said on Saturday. Greek and foreign bondholders offered the targeted 30 billion euros ($ 38.8 billion) in the deal, which is central to efforts by Greece’s euro zone and International Monetary Fund lenders to cut its debt to manageable levels. “The buyback went well in broad terms. The amount offered by investors was within the range expected, about 30 billion euros,” the official told Reuters on [...]

ATHENS Foreign investors have offered between 15 and 16 billion euros ($ 19.4-20.7 billion) of Greek government bonds in a debt buy-back programme, according to an initial estimate given by newspapers on Saturday. The plan is central to efforts by Greece’s euro zone and International Monetary Fund lenders to cut its borrowing to manageable levels and unlock aid. The preliminary estimate cited by financial dailies Naftemporiki and Imerisia would suggest the buyback plan is on track to succeed. Under the plan, Athens aims to spend 10 billion euros of borrowed money to buy back bonds with a nominal value of [...]

ATHENS Greek and foreign bondholders offered about 30 billion euros ($ 38.8 billion) in a buyback plan that is key to the country’s international bailout, a Greek government official said on Saturday. “The buyback went well in broad terms. The amount offered by investors was within the range expected, about 30 billion euros,” the official told Reuters on condition of anonymity. ($ 1 = 0.7735 euros) (Reporting by George Georgiopoulos, writing by Harry Papachristou)

ATHENS Greece’s three biggest banks won board approval to take part in the country’s debt buyback which expires on Friday, putting Athens on track to meet targets set by international lenders. The buyback scheme, in which investors must declare their interest by Friday, is central to efforts by Greece’s euro zone and International Monetary Fund lenders to cut its debt to manageable levels and unlock aid for the stricken country. As expected, the country’s four biggest lenders – National Bank , Alpha , Eurobank and Piraeus bank – each said they had approval to participate, but did not specify how [...]

LONDON European shares consolidated their recent rise on Tuesday after a surprise drop in U.S. manufacturing added to worries about stalled budget negotiations, while the euro hovered at a six-week high on optimism over Greece’s plan to buy back debt. The FTSEurofirst 300 index <.FTEU3> of top European shares opened steady at 1121.46 points, with a 0.1 percent fall on London’s FTSE 100 balanced by small gains on Frankfurt’s DAX and Paris’s CAC-40 . Worries about a looming wave of U.S. spending cuts and tax hikes intensified on Monday, after the White House dismissed a budget deal proposal from Republicans, [...]

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