Greece is to make an urgent bid to raise funds from the financial markets in case it does not get another tranche of bailout aid in time to repay debts.
British Broadcasting Corporation reports that on Tuesday, it plans to issue bonds, repayable in one and three months, to cover debt repayments due on Friday.
The bond issue is to raise 3.12bn euros ($4bn; £2.4bn), to help the country repay creditors owed about 4bn euros.
Greece is negotiating to secure aid worth 31.5bn euros from the European Union and International Monetary Fund.
Without the aid, heavily-indebted Greece would face bankruptcy.
Manos Chatzidakis, an analyst at Beta Securities in Athens, said the four-week treasury auction was an unusual but necessary step.
It would keep Athens afloat until leaders of the eurozone meet on 26 November to approve payment of the latest rescue loans. Despite the Athens Parliament passing the hugely unpopular austerity cutbacks, the EU, IMF and European Central Bank are still reviewing the country’s finances.
“This is bridge financing ahead of the November 26 decision, to ensure that there is no problem with [repaying] bondholders. It is unorthodox, but it’s a form of bridge financing and not the beginning of regular such issues. It has a purely technical role,” Chatzidakis said.
The news came as Cyprus began a new round of talks about a bailout to support the country’s ailing banks and service its debt payments.
Negotiators from the EU, ECB and the IMF – collectively known as troika – held talks with senior government officials from Cyprus’s finance ministry and central bank. The talks are expected to continue into next week.
Cyprus has been unable to tap international financial markets for money since last year because of its junk credit rating. The country has been negotiating with Russia for money, but the talks are thought to have stalled.
Headlines Newsview all
An eight-year-old girl has narrated how she was allegedly raped by their 48-year-old neighbour, Mr. Peter Christopher, one afternoon in the building her family shared ... Full story
Cameroon military have recorded massive successes as they have reportedly foiled two major bomb attacks. Earlier, we gave you a report of a female suicide bomber ... Full story
Rate this article
- Not Again! Buhari Forgets The Full Meaning Of APC During Meeting With Obama - Video
- President Buhari Rejects Gay Marriage Offer
- HILARIOUS: Checkout 5 Top Politicians Who Were Caught Sleeping On Duty
Music sensation, Falz, is enjoying every moment in the spotlight but before he got there, he had to cross some hurdles at home. Saturday Beats ...
In a recent interview with The Entertainer, fast rising Nollywood actor, Mike Godson revealed one of his best kept advices from his mum. The Imo ...
Nollywood actress, Moji OLaiya, has joined the train of entertainers who are investing their money wisely to diversify into other businesses. Rather than remain dependent on ...
Nollywood actress, Omotola Jalade, is really making a lot of men to salivate with her beauty which continues to radiate as the day goes by. The ...
Relief has come for individuals who are looking to change currency in the black market as the rate of naira to a dollar increased yesterday, ... Full story
2015 MTV Africa Music Awards “Best Female” award winner Yemi Alade premieres the music visual for “Duro Timi“; a Sizzle Pro produced emotive ballad sheltered on her acclaimed ...
There is a popular saying that anything worth doing is worth doing well. With this saying, singer, Olamide, seems not to have any regrets signing ...
For those rumour peddlers who had stated that Nollywood actress, Tonto Dikeh, is pregnant, well, the actress has openly revealed herself for all to see. The ...