The 2015 Greek redemptions’ path
Tomorrow, the Eurogroup meets to discuss the Greek government’s plan to reach an agreement with the Country’s public creditors. The sense of urgency has certainly increased over the last weeks, as Eurogroup Jeroen Dijsselbloem rejected a short-term financing arrangement until June, saying February the 16th is a hard deadline for asking a programme extension.
The Country’s financing needs for 2015 come mostly from repayments to official creditors. Summer will be especially challenging, as 6.7 billion of ECB’s SMP bonds come to maturity before September. Repayments to the IMF amount to 9.8 billion for the whole year, with the largest tranches coming in March, June and September (see tables for details).
Between now and the end of March, Greece has to repay around 2.3 billion to the IMF and to roll over about 5.7 billion of Treasury Bills. T-Bills – which amount to 14.5 billion in total for 2015 – are mostly held by domestic banks. A fraction had reportedly been acquired in previous months by foreigners, who appear unwilling to roll it over, at least until the Greek political situation becomes clearer.
Source: IMF; Datastream
APPENDIX – Detailed schedule of repayments and roll-over
TABLE 1 – Outstanding T-Bills and Bonds redemptions
TABLE 2 – Repayment schedule to IMF
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