Greek strategy for exit in the markets in 2019

Naturally, there is still a willingness for such a "move" within the first quarter of 2019, if conditions are favorable, however, and a clear commitment in not expected at this time, as liquidity on markets is given and is related to what is happening within the Eurozone, such as in Italy, France or the Brexit, but also with what happened in the surrounding area, as in Turkey a few months back.

Affordable bond prices

The Greek bond yields are the result of the diffusion of the crisis between Rome and Brussels, leading to a rally in Italian titles, with a drop in yields when Greek stocks reacted more moderately. However, there is no prohibitive "price" on Greek bonds. As Deputy Finance Minister George Houliarakis stressed in the House of Representatives, referring to the cost of borrowing in years of prosperity, "the average ten-year borrowing rate was 4.36% between 2002 and 2008." rate in the first eleven months of 2018 was 4.18%, lower or in any case equivalent to the borrowing rate when the borrowing rate was not even a problem, it was not even news ".

There is also the "pillow"

The above suggests that as long as the turbulences are extinguished by external factors and as the growth of the Greek economy is established, which is evidenced by a number of economic indicators, the country's exit to markets will be approaching. In fact, the government estimates that as time goes on, the more favorable the conditions will be at both microeconomic and macroeconomic level.

Besides, there is also the "pillow" of 24.1 billion euros, which is offered for a range of uses. Its existence alone can safely keep the country out of the market for at least two years. If one even takes into account the rolling of three-month and six-month treasury bills, then exit could be avoided for four years.

Obviously, this is not an objective of the government, but it shows that the country is not rushing to move into uncharted waters.