The Greek state’s borrowing needs for 2024 reach 18.9 billion euros, the Public Debt Management Agency (PDMA) said on Friday.
Of this total, 10 billion euros will be covered by the issuance of bonds, and 4.1 billion euros will come from other sources such as the European Investment Bank, 1.6 billion euros will come from the sale of shares and other public assets and 3.6 billion euros from the European Investment Bank. state liquidity. The Agency estimates that the cash buffer available to the State amounts to 30 billion euros.
The state’s borrowing needs include €5.463 billion for the refinancing of maturing bonds; 4.8 billion for the repayment of interest and other individual debts; 12 billion for the final repayment of promissory notes; and 3.589 billion for liquidity needs at specific periods in 2024. A total of 6.9 billion is not included in the total needs due to primary surplus estimates.
In its overview, the PDMA said its financing strategy for 2024 will focus on continued presence in international debt markets, accompanied by reducing the level of public debt, proactive management of the debt portfolio and preservation a significant cash buffer.
Its debt and financing strategy revolves around four directions: Improve market access (enhance a tradable and liquid yield curve; increase the investor base towards more real money players; maintain debt operations regular markets), contain financing costs (bring the credit spread of the GGB curve in line with its peers; limit interest rate and exchange risks; and limit refinancing risks) and manage liquidity (reserves treasury of the Greek State and public entities).
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