I will only refer to a few facts; no conclusions, no comments at all.
In 2010 the Greek Government issued 5-YR bonds yielding 6.1% (Naftemporiki), while HICP annual rate change was 4.7% (EUROSTAT), and that of CPI was 5.1% (EL.STAT.).
Currently, the cost of the 5-YR borrowing is 4.95% and price developments are expected to remain near zero for 2014 (-0.9% for HICP and -1.7% for CPI; negative in 2013).
In addition, since the coupon rate is 4.75% (Bloomberg) the Government budget shall incur some 142.5mn € (0.0475*3bn €) of additional annual interest payments for the next five years.
That's all folks!
In 2010 the Greek Government issued 5-YR bonds yielding 6.1% (Naftemporiki), while HICP annual rate change was 4.7% (EUROSTAT), and that of CPI was 5.1% (EL.STAT.).
Currently, the cost of the 5-YR borrowing is 4.95% and price developments are expected to remain near zero for 2014 (-0.9% for HICP and -1.7% for CPI; negative in 2013).
In addition, since the coupon rate is 4.75% (Bloomberg) the Government budget shall incur some 142.5mn € (0.0475*3bn €) of additional annual interest payments for the next five years.
That's all folks!
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