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Deposit outflow at 550 mln in Oct, led by a decline in corporates
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Re-opening of benchmark bond fetches 200 mln at steep yield of 4.44 pct
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In another cautious move, PDMA fetches 975 mln for 5 yrs at variable rate
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S&P leaves Greece a notch away from investment grade as outlook blurs
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Fitch leaves rating unchanged at 'BB', sees small recession and primary deficit next year
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Yields rise, but Greek debt still partly shielded from market headwinds
How Greek banks could cut 2014 financing gap with a bond rollover
![Photo by Can Esenbel [www.mundanepleasure.com]](resources/toolip/img-thumb/2013/10/16/rock_esenbel_572_1610-large.jpg "Photo by Can Esenbel [www.mundanepleasure.com]")
In an interview with Naftemporiki daily on October 14, Greek Finance Minister Yannis Stournaras identified two key sources that could reduce – if not eliminate – the emerging funding gap as of July 2014, currently estimated at 10.5 – 11.0 billion euros. Both solutions involve rolling over of Greek government bonds (GGBs) that mature in 2014 with a total nominal value of circa 15 billion. The paper is held by Greek banks (4.47 billion) and the European Central Bank (ECB) as well as National Central Banks (NCBs).
A few hours after Stournaras’s comments were published and on the sidelines of Monday's Eurogroup meeting, ECB executive board member Joerg Asmussen rejected any idea of rolling over the central bank’s GGB holdings. “We must find a way to close Greece’s...
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