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
My picture and that of my daughter, Purity in a Lagos train has surfaced online and quite a number of people have asked me what ... Full story
London Home Office Denies Nigerian Lesbian Asylum Request, Says She Can’t Be Lesbian After Having Children
The Home Office was accused of relying on “highly offensive” and “outdated” views of sexuality to reject an asylum claim made by a Nigerian lesbian. Aderonke ... Full story
Chief Medical Director Olufemi Omotosho, And His Counsel Arraigned For Offering Bribe To EFCC Operatives
The Economic and Financial Crimes Commission, has arraigned the Chief Medical Director of the Federal Medical Centre, Owo, Ondo State, Olufemi Omotosho, and his counsel, ... Full story
Rate this article
- Video Footage Of 2nd Jos Bomb Blast
- Listen To Leaked Call Of Jim Iyke Cursing Out Emma Agu
- Wale Expected Back In Nigeria Soon To Release A Track With Olamide
With the 7th of March drawing nearer, the heat intensifies as RMD, Segun Arinze, Oc Ukeje, Yemi Blaq and Blossom Chukwujekwu battle it out for ...
In Enugu, a certain pregnant woman, is in police net for allegedly pouring hot water on her neighbour, who was accused of peeping on her ...
As the day for the Nigerian polls draw closer, there is tension almost everywhere, with few political killings happening in some parts of the country. Few ...
Ace Nigerian comedian, Julius Agwu, quoting famous late Indian activist, Mahatma Gandhi, ‘the future depends on what you do today,’ explained that people should not ...
Juliet Ibrahim shares beautiful new photos as she becomes a year older, See the new pictures the Nollywood Actress released after the cut ... Full story
The National Union of Road Transport Workers, NURTW, leader in Oshodi, Lagos, Musiliu Akinsanya a.k.a. MC Oluomo, is as you read this wanted by the ...
Nigeriafilms.com has exclusively been informed that the daughter of an ace actor, Deji Adenuga, Loretta, has found the lucky man she wants to spend the ...
Pregnant Mavin Records first lady, Tiwa Savage, has revealed that she is proud of Nigerian music duo, Bracket, because they are Nigerian singers she looks ...
Korede Bello is gradually becoming a household name in the Nigerian music industry and thanks to his latest song, ‘Godwin’, which is almost turning into ...
In 2011, the wedding of talented and sultry Nollywood star, Mercy Johnson generated heated controversies to the extent of attracting a protest from some aggrieved ...