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GreekReporter.comGreek NewsEconomyExhange of State Bonds Commence in August

Exhange of State Bonds Commence in August

The Deputy Minister of Economics Philippos Sahnidis confirmed on Tuesday that the exchange of state bonds will start in August. As a result, individuals who hold state bonds will be able to exchange them with other bonds of longer maturity.
The conditions of procedure will be announced soon by the ministry. The Deputy Minister also added that the government will give the necessary motivation so that individuals and companies will bring back their funds to Greece.
The talks considering the participation of the private sector, in the viability of the Greek debt, will start on Thursday, July 28th. The private sector, according to the initial agreement, will contribute with 50 billion euro by the re-purchase of the bonds and the exchange of titles which expire by 2010 with other bonds of 15 or 30 years.
The ministry hopes the sum will enlarge thanks to the participation of banks. It is estimated that the European banks will cover the 45% of bonds which corresponds to 61 billion euro.

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