Greek FinMin: Goal in 2019 is 7 bln€ in market borrowing for 2019

10 January 2019
550 Views

Greek Finance Minister Euclid Tsakalotos on Tuesday cited a seven-billion-euro figure that the Greek state will attempt to drain from the markets in 2019, while exploiting the fact that it has accumulated a sizable “cash buffer” in order to wait for the most favorable conditions in order to return to sovereign borrowing, as he said.

Tsakalotos’ “best-case” scenario came during an interview, with general elections coming no later than October 2019.

“Thanks to the cash buffer, we’re in the pleasant position of choosing when we’ll return to the markets,” he told a local radio station. He added that he believes the political opposition in the country is hedging its bets on the fact that the poll-trailing Tsipras government will not foray into the markets in 2019 after all.

The previously UK-based economics professor said the 24-billion-euro cash buffer, accumulated from unused bailout loans, also allows Athens to cover IMF or ECB debt before their maturity.

Moreover, he again promised that a long-expected plan to reduce massive “bad debt” plaguing Greece’s four systemic banks is “being readied”, saying positive growth rates and what he forecast will be higher real estate prices will help in this direction.

Asked about the government’s high-profile disagreements with Bank of Greece (BoG) Gov. Yannis Stournaras, Tsakalotos offered a more-or-less “diplomatic response”, saying the BoG is an independent body and that Stournaras has his own opinions.

“This is manageable … although he (Stournaras) should have adhered more close to his role as central banker,” he added.

You may be interested

Egypt: No talks with Turkey on maritime zones
POLITICS
shares12 views
POLITICS
shares12 views

Egypt: No talks with Turkey on maritime zones

makis - Mar 08, 2021

Egypt and Turkey did not engage in any talks about the demarcation of maritime zones between the two nations, it…

Coronavirus Greece: 2,215 new cases, 451 intubated, 32 deaths
GREECE
shares61 views
GREECE
shares61 views

Coronavirus Greece: 2,215 new cases, 451 intubated, 32 deaths

makis - Mar 05, 2021

Greece announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,215, of which 15…

Great city routes to explore on foot in Athens
ART
shares66 views
ART
shares66 views

Great city routes to explore on foot in Athens

Panos - Mar 05, 2021

Athens reveals its best charms to those who put one foot in front of the other! Whether you’re looking to…

Leave a Comment

Your email address will not be published.