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Greek Banks Are Back on Capital Markets

World | March 10, 2014, Monday // 15:56| Views: 653 | Comments: 0
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Bulgaria: Greek Banks Are Back on Capital Markets Photo by EPA/BGNES

Greek banks have returned to international capital markets after five years of financial turmoil for the country.

This development followed talks between Greek politicians and their international lenders, with the latter insisting that Athens raise some EUR 2 B in bond and share offerings, The Financial Times has reported.

As a Greek senior official hinted on Sunday, this move ahead of the upcoming Eurogroup meeting on Monday could lead to euro area countries acknowledging the good results Greece has shown dealing with its financial difficulties.

Negotiations over the terms of unblocking the EUR 11.9 B worth tranches to the country are also scheduled for this week. A positive outcome would mean that Greece could finally receive parts of the loan that it has been waiting since the end of 2013.

The three lenders, which are the European Commission, the European Central Bank and the International Monetary Fund, are said to be close to a deal with the government in Athens, as Bulgarian website Dnevnik.bg reports, citing Greek newspapers. 

If successful, the upcoming talks could pave the way for transferring the sum within 15 days.

Greece's second bailout was worth EUR 170 B and had many strings attached, including a severe austerity program that contributed to crippling the debt-ridden country's economy.

Experts now believe the South European country is making its way out of the recession and faces slim changes of leaving the Eurozone.

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Tags: greece, Eurozone, Eurozone crisis, Eurogroup, European Commission (EC), European Central Bank, International Monetary Fund
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