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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Greece ready to issue diaspora bond: minister AFP - Monday, January 24 Send IM Story Print Greece ready to issue diaspora bond: minister ATHENS (AFP) - – Greece will issue a diaspora bond aimed at Greek investors all over the world "within the next few months" in an effort to return to long term bond markets in 2011, Finance Minister George Papaconstantinou said Sunday. "We will mainly address Greeks in Europe, the US, Australia, etc., while the interest will be lower than current market rates," Papaconstantinou told the Sunday edition of Eleftherotypia newspaper. According to the Kathimerini daily, the Greek government seeks to issue a diaspora bond "of between three and 10 years" or "possibly a one-year bond" in order to send a message to the markets that Greece has access to cheap finance. Greece on Tuesday raised 650 million euros ($866 million) in a sale of three-month treasury bills at a stable yield of 4.1 percent despite a recent downgrade in its credit rating to junk status by the Fitch ratings agency. Eighty percent of the amount was sold to foreign investors, according to the Public Debt Management Agency (PDMA). Greece last year secured a three-year, 110-billion-euro ($149 billion) loan from the EU and the International Monetary Fund, most of it from the EU. It is currently in talks with Brussels to extend repayment on this loan, or reduce its interest rate, though it has repeatedly denied any restructuring of its other debts. "Sincerely, Greece can and will avoid it," Papaconstantinou told Eleftherotypia, referring to restructuring Greece's debt. The political and economic cost of debt restructuring would outweigh the short-term cost, the Bank of Greece governor warned on Sunday. "The political and economic cost of restructuring would be much greater than the short-term cost of fiscal adjustment, which we have to make," George Provopoulos told Ethnos newspaper in an interview. "Restructuring would trigger an uncontrollable chain reaction that would lead to a new, long-term cycle of distrust towards the future of Greece's economy," he added. Experts from the EU, the IMF and the European Central Bank arrive in Athens on Thursday to start auditing the Greek economy and fiscal policy ahead of a decision on whether to release the next loan tranche. Recommend Send IM Story Print News Search Top Stories Exxon to invest millions in German gas exploration: report Ireland's Green party pulls out of coalition govt Greece ready to issue diaspora bond: minister Eurozone squares up to rescue fund re-design British expert says banks need major revamp More Top Stories » ADVERTISEMENT Most Popular Most Viewed New DNA experts in Knox murder appeal More than 40 injured in Algeria clashes Bank of America posts heavy losses Obama vows to shift economy into overdrive Obama to name GE chief as top jobs adviser More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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