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Uncertainty in Greece as Buyback Programme Misses Target

Eurozone finance ministers held a conference call on Tuesday evening to discuss the next steps for Greece after its bond buyback programme failed to achieve the debt reduction target set by the IMF, according to reports.
Finance ministers from the 17-nation single currency bloc are expected to discuss the results of the buyback operation at a meeting in Brussels on Thursday morning rather than issue a statement following Tuesday’s call, said Reuters.
Greece’s debt buyback attracted bids totalling €31.8bn, exceeding its €30bn target, but the average price paid for the bonds was slightly above expectations meaning total debt reduction will be less than planned.
(source: Reuters, Telegraph)

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