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Greek seeks US bond investors - report

Greek seeks US bond investors - report
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Greece is reportedly seeking five to 10 billion dollars from US investors to help cover its borrowing needs of about 10 billion euros in May.

According to the Financial Times the money would be used for interest payments on previously issued government bonds.

The FT said Morgan Stanley is likely to manage the deal.

Greece is said to be looking to sell bonds in the US for the first time in two years because of lack of interest in Europe.

Finance Minister George Papaconstantinou would go to the states later this month and push the bonds to investors who specialise in developing world economies, such as Brazil and Poland, and who expect higher rates of return.

At the same time a top Greek finance ministry official has denied a report by Market News International that Athens is looking to renegotiate an EU-IMF safety net agreement.

That caused a sell-off of Greek assets by financial markets, not helped by a report in Britain’s Daily Telegraph that wealthy Greeks and companies are moving their money out of the country.