EnglishOn Monday, Greece sold 8 billion euros ($11.3 billion) of five-year notes with a yield of 6.2%, the Greek Ministry of Finances announced. The officials of the institution said that the ministry received 25 billion euros in orders for the bonds, since the yield is 0.3% higher than the one of the previous bonds issue, which have the same maturity.
The new issue is managed by Credit Suisse Group AG, Deutsche Bank AG, EFG Eurobank Ergasias SA, Goldman Sachs Group Inc., Morgan Stanley and National Bank of Greece SA, the country"s debt management agency said last week.
Spyros Papanicolaou, the director of Greece"s debt agency said: "The sale of the bonds proved that we have the ability to raise the funds that we need".
The Greek government led by George Papandreou, is struggling to lower the budget deficit of the country, which stood at 12.7% of the GDP in 2009, the highest in the entire European Union. Greece needs to sell 53 billion euros of debt this year, the equivalent of about 20 percent of the country"s GDP.
Greece sold 2 billion euros of bonds in a private sale in December. Greece"s credit ratings were cut by Standard & Poor"s, Moody"s Investors Service and Fitch Ratings last month.
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