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Successful debt buyback opens the way for the unlocking of official funding to Greece, implementation of new package of debt relief measures

Greece Focus Notes

13 Δεκεμβρίου 2012
• In view of the apparent Greek bond buyback success, we expect the Eurogroup on 13 December 2012 to reach an agreement on how to cover the incremental financing (ca €1.29bn) required for the purchase of the full amount of bonds validly tendered in the exchange (€31.9bn). A decision is also likely on some additional relief measures to facilitate fulfillment of the 124%-of-GDP debt target in FY-2020.
• Our understanding is that the required financing initially earmarked for the implementation of the buyback (up to €10bn) constitutes part of the 2nd bailout package for Greece agreed with official lenders earlier this year (i.e., it does not represent new official-sector funding per se). In our view, the same treatment will apply to any incremental amount needed to finance the buyback operation...
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