Greek Bond sale – Good News

Good news as Greece sells €1.6 billion bond issue at 4.55% for the six
month bonds and 4.85% for 12 month bonds. The ruling socialists will trim
public spending and increase taxes to reduce the public deficit to 8.7% of
GDP by the end of the year. Greece will also sell a dollar denominated bond
in May to raise $10 bn. The Greeks have a safety net of a €30 billion
emergency fund agreed with the EU and IMF if needed, at a rate of about
5%. This has stabilised the market.