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

Charly Boy Says Nigeria Is Ruled By 'Scammers And Gangsters'

Charly Boy talks about how the many creative, progressive and hardworking Nigerians are ruled by a few riffraffs, scumbags, fraudsters and scavengers. He also says ... Full story

Nigerian Soldier Sentenced To Death Cries Out For Help

A young Nigerian soldier who was one of the 54 sentenced to death has sent a passionate appeal to Nigerian. One of the 54 Nigerian soldiers ... Full story

70% of candidates fail 2014 WASSCE

Of the 246,853 candidates who sat for the November/December 2014 West African Senior School Certificate Examination, only 72,522 candidates, representing 29.37 per cent, obtained credits ... Full story

Mr. Ibu Shows Off Massive Weight Loss In New Photos

Well, Mr. Ibu seems to have lost quite a lot of weight lately! Most likely for height reasons, he's channelling Rick Ross ... Full story

Boko Haram Kill 32; Kidnap 185 Women And Children In Borno

Multiple sources have it that Boko Haram, the deadly sect waging an insurgency against the state have killed 32 people in Borno State, and kidnapped ... Full story

Alhaji Bappa Tilde, Ex-Bauchi Accountant-General Shot Dead

Former Accountant-General of Bauchi State, Alhaji Bappa Tilde who was abducted last Saturday has been killed. According to residents, Tilde, 72, was brought by his abductors ... Full story

Inmate dies in prison after six adjournments to his trial

A man who was remanded in prison for attempting to steal his brother's money from an ATM has died due to the ineptitude of prison ... Full story

Seyi Shay Grabs Wizkid's Crotch in New Video

So, Seyi Shay and Wizkid featured in this new video titled 'Crazy', and Seyi Shay seems to have done something very crazy; she grabbed Wizkid's ... Full story

Couple tortured by police sue for N100m

The couple brutalized by a police corporal in Lagos, Ejeh and Grace Smith, is suing the police authorities for damages. The Lagos couple that was brutalized ... Full story

Boko Haram Abducts 185 Women, Kills 32

Boko Haram insurgents kidnapped at least 185 women and children, and killed 32 people in a raid in northeastern Nigeria this week, local officials and ... Full story

Gospel Musician Kenny Saint Brown Says APC Stole Her Mandate For Lai Mohammaed's Son

Gospel singer, Kenny Saint Brown does not believe she lost out in the APC primary elections but rather her mandate was stolen Gospel singer, Kenny Saint ... Full story

Comment on: Greece seeks urgent bridge financing

Rate this article

0

Breaking News

Foremost Nigerian Artist Loses Wife To Cancer

According to reports, wife of a talented Nigerian artist, Zinno Orara, Adaora, is dead. The woman was said to have died few hours ago after ...

Niyola Confirms Relationship With Banky W

She's pretty, talented, sexy and easy going. Nigerian music sensation, Niyola, came under the spotlight after her popular song and video directed by Kemi Adetiba, ...

Why I Always Grab My Bo@bs In Photos- Ruth Kadiri

Edo State-born actress, Ruth Kadiri, who debuted in Nollywood in ‘Sincerity’, a movie she also wrote, in recent times, has upped her game in the ...

There Are Many Handsome Men To Date, Stop Calling Me A Lesbian- Rukky Sanda Begs

Rukkayat Sanda is indeed a beauty to behold. And this is not just because she has the looks, but she also has a fashion sense ...

Aftermath Of Failed Political Ambition, JJC Surprised Kate Henshaw

After losing out at her party’s primaries in a bid to contest for a seat in the Federal House of Representatives in the 2015 election, ...

Beware Of Hustlers This Christmas

"Ladies no longer want love and romance. All they want are material things! Money! Money! Money! The other day, I took one out for a ...

My Wife Will Never Cheat On Me- Captain Mathew Ekeinde, Omotola Hubby

Last week, a particular story of how Super star actress Omotola Jalade's has been tempted countless times to cheat on her husband went viral. In a ...

Check Out Actress Angela Okorie At Old Age (Photo)

Ex-Delta Soap model and actress, Angela Okorie is a beauty to behold and cherish. She radiates so much freshness that she could easily mistaken for ...

AGN President, Ibinabo Gushes over Husband after Stepping out of Church (Photos)

‘He, who finds a wife, finds a good thing and obtains favour from the Lord.’ This is the current tale of Actors Guild of Nigeria’s ...

Photos From Daystar Christain Centre Christmas Carol

Members, friends and families worshiped God in an atmosphere of joy and laughter on Sunday December 14th at one of the most anticipated Carol Concerts, ...