The overall value of foreign law securities maturing this year is €903 million in addition to a total of €900 million in domestic law securities also maturing in 2015, the PDMO, which is a unit of the Finance Ministry, said in a statement on its website.
In addition, the government will have to pay €193 million in other maturing debt, according to the statement.
Finance minister Harris Georgiades said January 5, that the government is planning two debt issues in 2015 under the European Medium Term Note programme to compliment financing from international creditors.
The latter suspended the evaluation of Cyprus’s economic and financial reform programme agreed as part of a €10 billion bailout in March 2013. The decision to suspend the evaluation and subsequently Cyprus’s financing, followed a December 18, parliament vote which postponed the implementation of an unpopular foreclosure law to initially January 30. The parliament voted on January 29, to further extend the foreclosure law suspension until March 2.
The International Monetary Fund which together with the European Commission and the European Central Bank is part of the troika, which supervises bailouts in the euro area said on February 5, that the implementation of the foreclosure law is “key programme commitment”.
Debt maturities in 2016 are €737 million, according to the PDMO. The €1.1 billion security for the recapitalisation of Cyprus Popular Bank can be rolled over until 2017 and is part of the overall €1.5 billion 2017 debt maturities, according to the PDMO.
The government which posted a marginally budget in 2014 and expects to return to markets by the end of this year, after it was shut out of markets in May 2011, issued a five-year €750 million bond in June at an average yield of 4.85%.
Overall public debt on December 31, 2014 was below €18.5 billion, the PDMO said.
Source: Cyprus Mail