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Greece to launch 7-year bond to raise €3 billions

Greece plans to tap international markets with a seven-year bond in the coming two weeks to raise three billion euros, a senior government source told Reuters on Monday. Greece hopes to create a cash buffer of up to 19 billion euros to cover debt repayments after it exits its current bailout programme which ends in August 2018.

The government official, who requested anonymity, said that “there is no final decision for the specific date of the issue yet”.

“Two more issues will follow by the end of the summer,” the official said.

The debt-burdened country, which has relied on rescue funds since 2010, is keen to return to normal market financing after its current loan programme expires.

 The buffer is aimed at helping assure markets that Athens will be able to cover its debt maturities for a year and a half after the present bailout expires without external help. – source: reuters

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