On Wednesday, the Public Debt Management Agency (PDMA) conducted an auction for the reissuance of Greek bonds with a 3.875% interest rate, set to mature on June 15, 2028. The total value of these bonds amounted to 200 million euros.
The auction was carried out through the Primary Dealers, with total bids reaching 623 million euros. The settlement date for this auction is scheduled for Wednesday, February 21, 2024.
The move is expected to yield significant savings for the Public, with an estimated 850 million euros saved over the course of the decade, solely from the interest payments on the bonds issued last month.
Breaking down the figures, the annual benefit amounts to 8.5 million euros per billion of debt. With the Public Debt Program for 2024 standing at 10 billion euros, this translates to an annual saving of 85 million euros.
Looking ahead, the benefits of this strategy are projected to extend over the long term. With an extrapolation of the savings over the 20-year period, which aligns with the average duration of Greek debt, the total benefit is estimated at 60 billion euros for the entire public debt.
Furthermore, PDMA’s analysis indicates a positive trajectory for Greece’s debt sustainability, with levels projected to reach 44% of GDP by 2060 and 32% of GDP by 2070. These projections take into consideration the higher borrowing rates compared to the recent decade bond and do not include the early repayments of costly loans scheduled for the near future, which are expected to further enhance the debt profile.
However, it is crucial to note that these projections are contingent upon the current global conditions remaining relatively stable, without any significant geopolitical disruptions.
Source: tovima.com
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Tender for Repairs on Athens Olympic Stadium’s (OAKA) Iconic Roof
Tender for OAKA project, which is expected to exceed 78 million euros, stipulates that repairs, maintenance must be conducted while venue remains open for events
Louis-Dreyfus Family Eyes 21% Stake in Thessaloniki Port
The newly created Amsterdam-based LeonidsPort company has submitted a voluntary public offer for 21%
EUIPO Throws Out Turkaegean Trademark
The trademark had been filed by the Türkiye Tourism Promotion and Development Agency (TGA) in 2021 and immediately generated heated opposition by Athens
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
Greece’s Trade Deficit Surges by 18.7% in Nov. 2024
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023.
Installing EV Chargers in Your Building is Harder than You Think
So, you just bought an EV in Greece and can’t wait to set up a charger in your apartment building’s parking space? Not so fast—there are a few hurdles you’ll need to clear first.
Greece Announces Grants to Unemployed for New SMEs
Unemployed individuals seeking 12-month grants to fund the creation of new SMEs can apply online until January 21.
Port of Piraeus Reports Record-breaking Year for Cruise Sector
First cruise ship of the season, Viking Saturn, greeted at Greece's largest, busiest port
Greek Energy Minister Skylakakis Announces Subsidies to Mitigate Electricity Prices
“When prices exceed a certain threshold, we intervene,” said Skylakakis
Mitsotakis: Greece is a Beacon of Stability in an Unstable World
Greek Prime Minister Kyriakos Mitsotakis described Greece as a "beacon of stability in an unstable world" following the Epiphany water blessing ceremony at Dexameni Square in Athens.
