Greek Finance Minister Giorgos Papaconstantinou said on Tuesday that Greece may resort to the Eurozone’s rescue fund (EFSF) in 2012 if the cost of borrowing in the bond market is prohibitive, according to Dow Jones Newswires.
“Our borrowing needs are EUR 66bn in 2012. We are covered with EUR 24bn through the existing loans. The rest must come from the market, including EUR 27bn through long-term loans”, Papaconstantinou told reporters.
“We hope the market will be open before 2012. If it does not happen we may tap the EFSF,” he added.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
