February 3, 2015 / 8:14 AM / 5 years ago

Greece wants T-bill cap to be raised by 10 bln euros -paper

ATHENS, Feb 3 (Reuters) - Greece has asked the European Union’s economics chief to back an increase in the current cap on short-term Treasury bill issuance by 10 billion euros to cover its funding needs, newspaper Kathimerini reported on Tuesday.

The paper said Greek Finance Minister Yanis Varoufakis asked EU Economic and Monetary Affairs Commissioner Pierre Moscovici and French Finance Minister Michel Sapin during a visit to Paris on Sunday to agree to lifting the current 15 billion euro cap on outstanding T-bills.

Varoufakis asked for the limit to be raised to 25 billion euros to allow Greece to cover funding needs during a bridging period it is seeking with EU partners, pending a final agreement with the euro zone on debt relief, the paper said.

The new finance minister has said that Athens would continue to issue short-term T-Bills while talks continue, even though it has already reached a 15 billion euro issuance limit agreed with Greece’s creditors the European Union and International Monetary Fund.

Shut out of bond markets, Athens can only resort to T-bill issues to cover its funding needs as a stalled review of its bailout programme threatens to freeze the disbursement of remaining aid under the programme.

Greece’s debt agency, PDMA, is set to auction 3-month paper on Wednesday to roll over one billion euros of a maturing issue. (Reporting by George Georgiopoulos; Editing by Susan Fenton)

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