Brussels, 19/04/2011 (Agence Europe) - On Tuesday 19 April, Greece raised €1.625 billion over three months at a higher rate of 4.10%. International financial aid to the country has made possible this short term issue of sovereign debt certificates. The markets, however, still do not believe in the country's ability to refinance itself on the markets from 2012. On Monday the Greek debt's 10-year rate rose above 14%, a level unheard of since the euro was set up.
The European Commission and the IMF continue to deny any need to restructure the Greek debt which will rise above 150% of Greek GDP in 2011. At the end of last week, the Greek authorities announced a revised austerity programme to meet the budgetary targets set and return to growth (see EUROPE 10361). (M.B./transl.rt)