Tomorrow, Greece will attempt to return to the markets to raise capital for a refunding. It’s a safe bet it’ll go well, but we won’t get a true picture until Greece has to borrow money it doesn’t already have from the European Union.
In an effort to keep contact with the international capital markets, Greece is auctioning off E1.25 billion of 26 week bills on Tuesday.
According to Bloomberg, Greece has E4.5 billion of short term securities to coming due between July 10 and July 23rd. According to the IMF, this roll-over isn’t fully funded by the E110 billion loan facility that Greece received in May.
The focus will be on the interest rate that they will have to pay the markets to draw interest.