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Greece eyes bond rollovers to cover financing gap

October 14, 2013

ATHENS, Greece (AP) — Greece’s finance minister says the debt-hobbled country can cover a shortfall in its short-term financing needs by rolling over bonds held by European central banks and domestic lenders.

Yannis Stournaras says the 11 billion-euro ($15 billion) gap for 2014-15 “is not very difficult to plug after all.”

Greece has depended on international bailouts since 2010. But when most of the rescue funds end next year, it will face shortfalls.

In an interview published Monday, Stournaras said the rollovers would affect 4.5 billion euros worth of bonds issued in exchange for bank shares under a liquidity program five years ago.

Stournaras told Greece’s Naftemporiki financial newspaper that the problem can be fully solved if Europe’s central banks honor pledges to roll over Greek worth bonds 19 billion euros.

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