Cyprus Government to issue new long term bonds

Finance Minister Charilaos Stavrakis announced on Tuesday that the Government will issue new long term bonds to the international markets around mid January in order to meet public needs for the 2010, which approach 2.5 billion euros.

Stavrakis reviewed the issue with Central Bank officials, while there was also a telephone conversation with the foreign banks that will issue the long term bonds and particularly with the Swiss Union Bank of Switzerland, the German Deutsche Bank and the French Societe Generale.

In his statements, Stavrakis did not reveal the value of the bonds, noting that probably their duration would be between 5 and 10 years depending also on the suggestions made by the three banks.

Finance Minister explained that the public needs for this year approach 2.5 billion euro, with the largest amount stemming from the need to refinance the existing public debt which is about to expire.