Greece has a new plan. Add debt to old debt in hopes they can pay both off. Earlier this morning government officials appointed five banks to handle a new seven-year bond issue. As most of you SHOULD know this comes on the plans from other euro-zone countries to help them out should they not be able to payoff the existing debt.
The Public Debt Management Agency named Alpha Bank, Emporiki Bank, ING, Bank of America-ML and SG as lead managers for the bond issue but did not specify an amount. The debt will come due on 20 April 2017. Greece needs to borrow some euro54 billion ($72 billion) this year, and the country must refinance some euro20 billion in April and May. It has been able to sell bonds in issuings that have been oversubscribed — but at interest rates it says are not sustainable.
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