Greece issues government bonds to cut deficit
05/03/2010
ATHENS, Greece -- The country offered ten-year government bonds Thursday (March 4th) in an effort to raise money to offset some of its huge budget deficit. Only an hour after their release, the value of the bonds reached 7 billion euros; well over the 5 billion euros analysts predicted it might raise. Five banks were chosen to manage the offering.
In other news Thursday, European Central Bank (ECB) President Jean-Claude Trichet said it would be "absurd" for Greece to leave the eurozone. "Greece is a much better country today ... compared to earlier," Trichet said after a meeting with ECB representatives. Greek Prime Minister George Papandreou is in Luxembourg to meet with Trichet on Friday; he is also expected in Berlin for talks with German Chancellor Angela Merkel.
Greece's austerity measures continue to meet strong resistance at home. The private sector labour union GSEE and public sector union ADEDY urged members to rally outside parliament Friday against the austerity measures. The protest has affected transportation, schools and the media. (AFP, Focus, Bloomberg - 05/03/10; AFP, Reuters, Wall Street Journal - 04/03/10)
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