This suggests that, in the present uncertain conditions, the Greek State’s return to the markets, as necessary as it may be for a return to normality, must proceed with caution.
International experience has shown that trial bond issues for the purpose of creating a sound cash buffer prior to the expiry of a programme helps bolster confidence and paves the way to the exit from the programme. Nevertheless, the need for a complementary precautionary assistance programme should not be neglected.