General government borrowing requirement, the need for a post-program precautionary credit facility and the case for OSI
Greece Macro Monitor - Focus Notes
07 January 2015
This note provides analysis on a number of crucial issues related to the ability of Greece to meet regular interest and amortization payments on its public debt going forward. In more detail, we take a close look at the projected evolution of the general government borrowing needs and sources of funding in the crucial months ahead (and on a multiyear basis), we analyze the potential size and structure of a post-program precautionary credit facility and emphasize the need for a new package of relief measures (OSI) to further reduce the net present value of public debt and smooth out a pretty demanding borrowing requirement profile post 2022/23.