The government has chosen to access the market relying on its own strength rather than a credit line when the current assistance programme ends in August, government Vice-president Yiannis Dragasakis announced on Sunday, in an interview with the public broadcaster ERT.
“A credit line is not the government’s choice. A credit line means new conditions but also uncertainty and lack of clarity about the future,” he noted.
Dragasakis stressed that interest rates for Greece had now dropped to pre-crisis levels and the overall atmosphere concerning the country was good. “We are building on this prospect but we also have an obligation to be protected as a country,” he added, noting that the government was working to create a “safety cushion” of about 18 billion euros for this purpose, to use after the European Stability Mechanism (ESM) programme had ended. About half of this amount was expected to come from the ESM, he said, and the remaining nine billion euros from Greece’s test forays to tap the markets.
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