Greece Proposes Bond Rollover To Fill Budget Gap

ATHENS - Faced with a budget gap of 4.4 billion euros ($6 billion) and the prospect that getting additional loans would require more of the austerity measures that Prime Minister Antonis Samaras said he would never again impose, the government is proposing to its international lenders to roll over bonds as a solution. The newspaper Kathimerini said that the bonds were initially issued in 2009 just as the country?s financial crisis was starting to hammer the economy. They were take out at that time to give money to banks which were reeling. The newspaper said that the EU Commission and the European Central Bank, which bought Greek bonds during the crisis, have raised concerns over the proposal but Greece hopes they will give their approval.

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