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Greece's decision to issue new debt has been postponed for several months due to the rise of political risk in Italy leading to turbulence in the euro bond market.
Greece was heavily indebted and was shut out of the bond market in 2010 after the debt crisis broke out. Since then, the country has implemented reforms in exchange for assistance from the euro zone partners and the International Monetary Fund (IMF), and has been working quietly to return to the bond market.
Athens hopes to issue new debt this summer, which is likely to be the first 10 - year issuance of debt in the country in 10 years, preferably by the end of the current bail-out by the end of August, in order to build coherence in the bond market.
But many officials told Reuters that the plan may have to wait until the autumn, hoping to get further debt relief from the international fund owner.
"We studied the possibility of issuing debt before the end of the bailout, but in view of the recent turmoil in the market, it was impossible," said an official who did not want to be named.
Greece has issued two bonds in the past 12 months, namely, the issuance of seven year debt in February and the issuance of five year debt in July last year. Greece hopes to meet its financing needs from the market after the expiration of the bailout.
Last week, the two main anti establishment parties in Italy formed the government's twists and turns, resulting in market turbulence. Later, the parties agreed on the formation of the alliance, but the eurozone financial market was still nervous because of fears that the upcoming government would launch a massive spending plan and the EU and Italy could be in a deadlock in the next few months. Italy is the third largest economy in the euro zone.


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