Greece Will Return to Financial Markets in 2023, Raise 8 Billion Euros

ATHENS – Accelerating a recovery even during the waning COVID-19 pandemic, Greece reportedly hopes to raise up to 8 billion euros ($7.92 billion) from debt markets in 2023 with short-and-long term issues.

The news agency Reuters, which reported exclusively on the plan, cited two government sources not identified and noted the step for a further comeback that will be five years after the end of three international bailouts of 326 billion euros ($322.61 billion.)

Greece which has relied on bond markets since but not at investment grade rates, is on a path to grow some 6 percent in 2022 and expects a primary surplus in 2023, strengthening its bid to regain investment grade status and lure more foreign businesses.

Greece issued a 10- and a 5-year government bond this year and reopened several other maturities through auctions to inject liquidity, said the report and plans to repay ahead of schedule 2.7 billion euros ($2.63 billion) of Greek Loan Facility (GLF) loans due in 2023, owed to Eurozone countries under a first bailout.

“Our borrowing needs for next year are limited, especially after the early repayment of GLF loans. We will borrow 7-8 billion euros ($6.82-$7.79 billion) from the bond markets,” a finance ministry official told Reuters.

Greece also plans to issue its first green bond in 2023, an issue which was initially scheduled for this year. “We didn’t want to go ahead with such a sensitive issue in such a volatile market. We will do it next year,” the first unnamed official said.

Greece, still among the Eurozone’s most indebted countries, has a cash buffer of about 38 billion euros ($37.02 billion), enough to cover its borrowing needs for at least two years without tapping international bond markets, the report also said of the move.


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