At the end of the month or early June, it is estimated that the Ministry of Finance will have everything ready for the first bond issue of the Greek Community in the USA, which will be addressed to Greek-Americans and not to institutional investors.
A few days ago, came the response from the U.S. Securities and Exchange Commission (SEC) after the request of the Ministry of Finance to issue special bonds for U.S. Greek- Americans. According to reports, the U.S. authorities asked for details and the updated financial information of Greece, which were also disclosed on April 26th by EUROSTAT.
The file with their response is expected to be in the hands of the U.S. authorities in the coming days and (if there are no delays by the U.S. authorities because of the distrust that exists for Greek elements) the first bond of the Greek American community will be ready by late May or early June.
As a first step, Greece will attempt a soft borrowing, mainly with funds that could be trusted (or deposed) by Greeks who are living abroad.
The scheme is expected to be launched by Greek-Americans in the United States, possibly in May or June and will follow Canada, Australia and then Europe. Already the Ministry of Finance has submitted a preliminary application to the U.S. Securities Commission (SEC) to provide the so-called “Bonds of the Diaspora”.
Greece has requested approval to allocate up to $3 billion in total (2.15 billion Euros) over the next two or three years, to investors from the U.S.A.
Depending on the progress of the project, there will be future issues to meet the threshold (which can be lower or higher) that will ultimately be approved by the SEC.
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