9 March 2012

Athens, Greece:  Evangelos Venizelos, Deputy Prime Minister and Minister of Finance of the Hellenic Republic, today announced that holders of approximately €172 billion principal amount of bonds issued or guaranteed by the Republic have tendered their bonds for exchange or consented to proposed amendments in response to the invitations and consent solicitations announced by the Republic on 24 February 2012.

Of the approximately €177 billion of bonds issued by the Republic and governed by Greek law and subject to the invitations, the Republic has received tenders for exchange and consents from holders of approximately €152 billion face amount of bonds, representing 85.8% of the outstanding face amount of these bonds.  Holders of 5.3% of the outstanding face amount of these bonds participated in the consent solicitation and opposed the proposed amendments.  The Republic has advised its official sector creditors that upon confirmation and certification by the Bank of Greece as process manager under the Greek Bondholder Act (Law 4050/2012), it intends to accept the consents received and amend the terms of all of its Greek law governed bonds, including those not tendered for exchange pursuant to the invitations, in accordance with the terms of the Greek Bondholder Act. Accordingly, the Republic will not extend the invitation period for its bonds governed by Greek law.  

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Monday, 5 March 2012

By Maria Petrakis and Marcus Bensasson

Greece expects bondholders to accept a one-time offer to write off about 100 billion euros ($140 billion) of Greek debt and is ready to force them to participate if necessary, Finance Minister Evangelos Venizelos said.

“This is the best offer,” Venizelos said in a Bloomberg Television interview with Nicole Itano in Athens today. “This is the best offer because this is the only one, the only existing offer.”

The European Union is facing its first test in its attempt to turn the page on the two-year debt crisis as Greece’s private creditors decide whether to sign off on the biggest sovereign- debt restructuring in history. The success of the 106 billion- euro swap, confirmed on the eve of last week’s European Union summit, depends on how many investors agree to the writedown by the March 8 deadline.

Tags: Interviews

Monday, 5 March 2012

by Dina Kyriakidou

ATHENS, March 5 (Reuters) - Greek Finance Minister Evangelos Venizelos warned Athens' private creditors on Monday not to hold out but take the bond swap on which a second bailout of the debt-ridden country depends because it was the best deal they would get.

Venizelos told Reuters in an interview three days before the exchange offer expires, that the terms hammered out last month after months of tortuous negotiations were favourable and Greece would not hesitate to activate laws forcing losses on bond holders who did not willingly sign up.

"Whoever thinks that they will hold out and be paid in full, is mistaken," he said. "We are ready to activate CACs (collective action clause to enforce losses) if needed," he said.

Tags: Interviews

Monday, March 5, 2012

Interview with Bloomberg’s Nicole Itano


Bloomberg: Thank you very much for joining us Mr. Venizelos

Venizelos: It is my pleasure, thank you very much for coming to Athens.

Bloomberg: I’d just like to start with… you have launched an unprecedented debt swap, the largest in history. Why should investors –particularly in the United States– participate?

Venizelos: Because it is the best offer. And this is the best offer because it is the only one, the only existing offer. This offer is the result of a very long and difficult negotiation with our institutional partners, with the so-called official sector and also the result of a very long and difficult consultation in detail with the representatives of the private sector, with the IIF, Mr. Charles Dallara, and also Mr. Jean Lemière, the co-chairman of the steering committee of the creditors committee.

After this very long experience of negotiations and consultations, we finally have this offer, this financial engineering. My impression is that everybody understands very well how attractive and how important is this offer because we have four very important and unique elements and incentives:

Tags: Interviews

Thursday, March 1, 2012

Greek Deputy Prime Minister and Finance Minister Evangelos Venizelos statement at the doorstep, just before the Eurogroup meeting, Thursday, March 1, 2012:

left-red-arrow After the decisions of the last Eurogroup for the adoption of the new support program of the Greek economy and the official launch of PSI, we are waiting for the response of the market.

As you know, the concrete form of the bond exchange is agreed with the private sector and everybody understands very well that we have four very important and attractive elements:

The Co-financing, the English law, the sweetener in cash and the GDP warrants. This is a very good, a unique offer. I am sure that the market understands very well how clear is my message. redsq

Tags: Statements

Wednesday, February 6, 2012

Interview of PASOK President Evangelos Venizelos with Die Zeit newspaper and reporters Mark Schieritz and Zacharias Zacharakis (in German)


Sozialistenchef Venizelos
"Deutschland braucht eine klare Vision für Europa"

Die Debatte über einen Euro-Austritt war schädlich, sagt Griechenlands Sozialistenchef Venizelos im Interview. Zum ersten Mal kritisiert er damit die deutsche Kanzlerin.

ZEIT: Griechenland erlebt das sechste Jahr der Rezession. Wann geht es mit Ihrem Land wieder aufwärts?

Venizelos: Die wirtschaftliche Situation hat sich auch Dank der Unterstützung unserer internationalen Partner deutlich gebessert, ist aber trotzdem nicht gut. Es gibt positive Signale von den Rating-Agenturen, auch der Finanzmarkt hält es momentan für sehr unwahrscheinlich, dass Griechenland noch aus dem Euro ausscheiden könnte.

Tags: Interviews

Sunday, 05.02.2012

The Press Office of the Greek Ministry of Finance released the following statement:

One of today’s Reuters reports includes a quote –unnamed of course- of a Eurozone official who is reportedly saying that the Greek Finance Minister “is very hard to get hold of because he is very busy campaigning for the leadership of PASOK, so he is not available to meet with Troika members.”

This anonymous quote seems ridiculous if not suspicious to all those who have a basic knowledge of the Finance Minister’s daily schedule of long meetings with the troika representatives, his constant contacts with his counterparts and heads of institutions involved in the troika, the continuous working meetings with the Prime Minister, the teleconferences, the successive contacts with the IIF for the PSI and generally the superhuman efforts made 24 hours a day by a small group of people led by the Greek Minister of Finance.

The Deputy Prime Minister and Finance Minister Evangelos Venizelos has contacted the Eurogroup President and Prime Minister of Luxembourg Mr. J. C. Juncker to inform him on the Reuters story. Mr. Juncker authorized Mr. Venizelos to state that this report is out of touch with reality.

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Sat. 14 January 2012


by Kerin Hope in Athens

Greece’s finance minister insisted on Friday that bond swap negotiations with international creditors could be salvaged, averting the threat of a disorderly default within weeks.

Evangelos Venizelos said in an interview with the Financial Times: “I am certain we can bridge the differences.”

“I remain strongly committed and confident. Rationality will prevail because this initiative is of common interest to Greece, its private creditors and for all its institutional partners,” he said.

Mr Venizelos was speaking after a second meeting in two days with the co-chairs of an international creditors’ committee. He said the talks would resume in Athens next week, probably on Wednesday.

The next five days would be used for intensive contacts with creditors and international institutions, and for a fresh evaluation of the financial outline under negotiation.

Tags: Interviews

Wednesday, January 11, 2012


Keynote speech of Deputy Prime Minister and Finance Minister of Greece, Mr. Evangelos Venizelos at the official dinner closing the 1st Economic Forum Greece-UAE 2012

Excellencies, ladies and gentlemen, dear friends,

First of all, I would like to warmly thank the organizers of this meeting, primarily my dear colleague and friend, Theodore Pangalos, who invited me to address tonight’s event.

I had the opportunity to meet His Highness the Foreign Minister, with whom we overviewed our bilateral relations and the situation in the wider region. For Greece, the United Arab Emirates is a point of reference in the Gulf Area. It is a country with which we maintain close and sincere ties of friendship as well as strategic cooperation.

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Tuesday, November 29, 2011


Upon his arrival at the doorstep of the Eurogroup meeting in Brussels, Deputy Prime Minister and Minister of Finance Mr. Evangelos Venizelos made the following statement:

left-red-arrow In Greece we have all the necessary conditions in order to go ahead with the next disbursement, the new program and the PSI. We have the necessary political consensus, we have the necessary national unity and also the national commitment and determination to go ahead.

We are also ready to contribute in this very important discussion for the future of the Eurozone, for a strong Eurozone which is capable to react and send very clear messages to the markets. redsq

Tags: Statements