The Eurokiwi and Uridashi debt securities are issued into, for example, the Japanese retail financial sector on behalf of an international institution (such as the World Bank) wanting to raise capital. The Japanese investor gets access to New Zealand interest rates (and NZ/Yen currency fluctuations), while only facing World Bank credit risk.
For the existing programme to be extended, the Greek government had to commit to a series of economic reforms, which now have to be spelled out and then, most importantly, also implemented. Only identifiable progress on the road to sound public finances, a competitive economic structure and a functional political system will allow Greece to regain investors’ confidence and fund itself independently.