No “clipping” for the bonds of social security funds

No “clipping” for the bonds of social security funds

The valuations of Greek bonds held by Greek pension funds remain intact. As revealed by Venizelos in a press conference Friday morning at the finance ministry, the bonds held by pension funds that expire between now...

No “clipping” for the bonds of social security funds
The valuations of Greek bonds held by Greek pension funds remain intact. As revealed by Venizelos in a press conference Friday morning at the finance ministry, the bonds held by pension funds that expire between now and 2020 will be fully exchanged with new ones of a 30-year duration.

This means that pension funds will not miss even one euro of their assets.

Venizelos stressed that the Greek banking system is shielded and completely safe, pointing out that even if international credit agencies rate the Greek economy at the category of selective default, the answer has already been given, as there is “a tough European front in favor of Greece and the Euro.”

He highlighted that yesterday's decision completely alleviates the banks' liquidity problem and any reaction outside the institutional message of ECB, the Eurozone and the EFSF, has been already answered and has no financial impact.” And he called upon the people to return their deposits to their banks.

According to the Finance minister, banks will need capital support and the goal is for the Greek groups to gain capital adequacy (tier 1) at 10%, which will be strictly maintained.
Κλείσιμο

“A bottom was placed yesterday in the barrel of the Greek public debt, sealing and stabilizing the situation,” said Venizelos. However, he pointed out that there needs to be a strict application of the mid-term program and promotion of privatization within the set timeframes “in order to relieve the people and move quickly to positive growth”.
And he said that the final contribution to the debt shift might be even higher than the initial estimation of 12%.
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