Greece slashes rates exposure with €35 billion swap programme

Sovereign debt agency entices 18 banks into hedging programme, locking in historic low rates on bailout loans


Greece’s sovereign debt office has quietly executed a €35 billion interest rate swap hedging programme this year with 18 foreign and local banks. The move allowed the B+ rated issuer to lock in rates on its bailout loans close to historic lows and at levels on a par with AA-rated France.

In 2010, eurozone member states provided €52.9 billion of bilateral loans to Greece’s Public Debt Management Agency in a package known as the Greek loan facility (GLF). With fixed rates available on a 10-year

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