Greece reopens exchange of state bonds for existing treasury bills

Greece reopened on Thursday the exchange of three-year and five-year state bonds issued earlier this year for existing short-term treasury bills, the Greek Finance Ministry said.
The measure is aimed at helping Greece manage its sovereign debt better, the ministry said.
Currently, Athens runs a monthly treasury bills auction program to raise supplementary financing.
Financial analysts in Athens noted that, through the exchange, Greece reduces the financing gap of the period 2015-2016.
However, the offer worries holders of treasury bills which will expire from Sept. 19, 2014 to March 6, 2015.
The new bonds will be maturing in 2017 and 2019 with the coupons expected to reach 3.3 percent and 4.7 percent respectively.