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.
Rate this article
Latest Nigeria News
- 6 Guaranteed Politicians Tinubu Would Rely On As APC Crisis Thickens
- Borno State Commissioner Dies In Maiduguri
- 2 New Senators Take Oath Of Office
- Famous American Singer Shares His Touching Experience With A Kenyan Beggar
- Renewed Hostilities: Niger Deltans Say No To Avengers
- Imo Governor Okorocha Gifts Wife With New State Appointment
- I Can?t Predict When Recession Will End Says Finance minister
- NYSC: Corps Member Slumps, Dies After Party With Colleagues
- Properties Worth N1.5bn Traced To Goodluck Jonathan?s Aide
- Buhari Spent 6million On Ear InfectionTtreatment In The UK
- President Buhari Has Lost His Memory Says Fani-Kayode
- Boko Haram Releases New Video, Threaten To Capture Buhari
- Emir Sanusi Buys new N132m Rolls Royce For Sallah
- Dear Avengers, You Are Worse Than Boko Haram, Your Religion Has Condemned You
- Gunmen Abduct Catholic Priest In Delta
- Breaking: Cultists On Rampage,15 Feared Dead In Rivers
- TOUCHING! Meet The 'Okada Man' Who Has No Fingers On His Hands (Photos)
- SAD!Pregnant Woman Dies, Daughter Husband Injured In Car Crash
- Fatal Accident Along Benin Highway Leaves 20 Dead (Photos)
- Ghastly Accident At Ikeja-Along This Morning (Photo)
- SAD! Naked Corpses Of Rape Victims Dumped In Ikorodu, Lagos (Graphic Photos)
- Top 5 Deadliest Bank Robberies Across Nigeria In 2015 (Photos)
- Notorious Armed Robbers Police Arrested In Port Harcourt (Photo)
- SAD: Vehicle Crushes 4 Year Old Girl In Mother’s Shop In Lagos
- Cult Members Kill 2 Traders Over Toll
- Ooni of Ife’s Coronation Ceremony Begins (Photos)
- Prostitution In Nigeria: 3500 Male Sex Workers Discovered In Abuja
- Deplorable State Of Nigerians Deported From The UK
- Murtala Muhammed’s Uncle, Magajin Garin Kano, Dies At 98
- Funny! Driver Fakes Own Death To Evade Fine In Calabar (Photo)
- Little Girl, Kehinde Adebiyi Suffering From Cancer Needs Your Help
- Port Harcourt As Residents Dig Up Frozen Chicken Buried By Custom Officials
- Wickedness! New-Born Baby Found In A Bush In Ilorin (Graphic Photos)
- Police Shoots Bus Driver Dead At FESTAC/Mile 2 Road, Lagos (Video)
- I Have Forgiven My Critics - Ooni Of Ife-Elect, Adeyeye Ogunwusi
- Student Shot Dead By Alleged Cultists At Imo State University Yesterday
- Woman Gives Birth To A 'Mystery Baby' In Lagos (Photos)
- Touching! One Legged Man Washing A Car While Balancing On A Stick (Video)
- OMG! See The Long Snake Found In A Nigerian Student's Locker (Photos)
- Military Pilot Who Died In Yola Plane Crash Buried (Photos)