Greece seeks urgent bridge financing

// News | General | Greece seeks urgent bridge financing
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

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.

Tagged : No tags for this article

Headlines Newsview all

N4 Million, Human Parts & Ammunition Found With Ritual Killer In Benin

A man in Benin City, Edo State, who succeeded in fooling people into thinking he was mad, has turned out to be a ritual killer ... Full story

Popular Lagos Woman Stripped And Beaten For Stealing Brazilian Hair

Some ladies have dumped their boyfriend just because the guys couldn’t give them N50,000+ to buy the rave of the moment – Brazilian Hair. They ...

Boko Haram pays N500,000 to recruits!

Boko Haram recruits members, not just from Nigeria, Cameroon and Chad, it also gets recruits from Niger Republic who it pays N500, 000. However, their ...

Ogun State Politician Bashorun Bayo Awosanya Violently Assaults Wife

According to an NGO, the woman in this Picture is the wife of a strong Ogun-state APC chieftain named Bashorun Bayo Awosanya. He reportedly attacked ...

Barima Sydney Admits Ghanaian Artists Use Juju

Is the entertainment industry in Ghana this diabolic? Weeks ago, we were stunned when Pink FM presenter Eric Akoto raised alarm that some of his ... Full story

Banky W Plays Bestman Role In Tiwa Savage Wedding

It's no longer news that female Pop singer, Tiwa Savage and her husband/manager, Tunji Balogun, popularly called, Tee Billz are staging their fairytale white wedding ... Full story

Actor Joseph Benjamin Covers RB Magazine April/May Issue

Blazing the cover of RB Magazine’s April/May 2014 issue is the stunning look of multiple award winning actor and co-host of the MTN Project Fame reality ... Full story

Nollywood Actor Chris Nkulor Is Dead

Chris Nkulor, a prolific Nollywood actor, has recently passed on. The actor had earlier this month been diagnosed of a kidney ailment, and this was ...

Boko Haram: Abducted Chibok School Girls Estimated To Be 234

The number of secondary school girls still under Boko Haram captivity is more than the figure widely circulated. There are 234 of them missing from the ... Full story

Lola Omotayo-Okoye Replies Haters Who Blame Her For Psquare Break Up

It seems people are beginning to blame Peter Okoye’s wife, Lola Omotayo for the sad Psquare’s separation. Fans are calling her all sorts of names like ... Full story

Paul Okoye Breaks Silence On Psquare Split

The Psquare Family: Peter and Paul Okoye with wives Lola Omotayo, Anita Isamah and children – Andre, Aliona and Cameron. As the on-going controversy in the ... Full story

Comment on: Greece seeks urgent bridge financing

Rate this article

0

Featured author

Paula Obiewkwe

Breaking News

Peter Okoye's Wife, Lola Omotayo Speaks On P-Square's Rumoured Breakup

Since the rummoured breakup of P-Square sprung, there have been tales that the wife of Peter Okoye, Lola Omotayo, was responsible for it. Some people ...

Cossy Orjiakor Thinks Marriage

Nollywood actress, Cossy Orjiakor may not have acted in lots of movies, but she has successfully substituted that for series of issues, which have kept ...

Fans Blasts Juliet Ibrahim Over Shopping Spree At H & M

Ghanaian actress cum singer, Juliet Ibrahim, who jetted out to Amsterdam to represent her country at the International Kidney Cancer Coalition Conference, in Netherlands, has ...

Meet Mr. Nigeria 2014 Contestants

It is that time of the year again to crown the next Mr Nigeria 2014. Silverbird Group, organisers of the contest, has unveiled the 20 ...

MC Abbey Bags Award Of Excellence

Seasoned comedian, MC Abbey was recently honoured by a church as he was given an award of excellence. The handsome entertained was reportedly rewarded for ...

Tonto Dikeh, Frank Artus, Zack Orji, Others For ‘Mama Africa’ Premiere

Come Sunday, May 4, 2014, all roads will lead to The Filmhouse Cinemas, located at Leisure Mall, Adeniran Ogunsanya Road in Surulere, Lagos for the ...

D'banj Visits Bomb Blast Victims At Abuja

Following the bomb attack at Nyanya in Abuja last week, music ariste, Dapo Oyebanjo aka D'Banj, on Tuesday, visited the victims and urged the youths ...

Solidstar Shoots Video For Super Eagles Theme Song

Nigerian singer, Joshua Inyiezo, popularly known as Solidstar, is currently shooting the Super Eagles’ official 2014 FIFA World Cup theme song, Nigeriafilms.com can authoritatively report. ...

Mercy Johnson, Chika Ike Deny Beef Rumour

Over the weekend, it was reported that Nollywood damsels; Mercy Johnson Okojie and Chika Ike were not in talking terms. According to reports, the two ...

Omotola Gets MTV Personality Of The Year Award Nomination

Nollywood actress, Omotola Jolade-Ekeinde is no doubt having it good for her especially after her Times magazine recognition. The beautiful mother of four has been ...