Greek buyback falls slightly short of target

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FXstreet.com (Barcelona) - Despite reports on Tuesday that Greece has reached the bond buyback target at 31.5 billion euros, Eurozone finance ministers declared that there had been a shortfall of 450 million euros.

During a conference call held on Tuesday in order to discuss the outcome of the operation, Eurozone finance ministers pointed out that even though the 30 billion euro goal was reached, the average price for the bonds purchased was slightly higher than expected at 33.5 cents on the euro. This means that the 2020 debt-to-GDP target will be 126.6% and not the 124% agreed with the IMF.

The 450 million euro difference is not very big though and should be easily covered. The decision on the release of the next tranche of aid for Greece will be made on December 13 at the Eurogroup meeting.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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