Greece apparently has more faith in the dollar — falling — than in its own currency the euro.
The nation plans to issue over $70 billion of dollar-denominated bonds in order to fund itself.
Given that Greece will be at the same time paying off maturing euro-denominated debt, the nation will effectively be tilting its debt mix more into dollars and away from euros.
Which means they’ll increasing benefit from potential dollar weakness in the future.
Greece will issue a global U.S. dollar denominated bond in late April or early May, the head of the country’s debt agency (PDMA) said on Wednesday.
Greece, with total borrowing needs of 53.2 billion euros ($71.43 billion) this year, faces a refunding hump in April and May as it rolls over maturing bonds, T-bills and pay coupons coming due.
Rated A2 by Moody’s and BBB+ by Fitch and Standard & Poor’s, the overborrowed country has about 23 billion euros of debt maturing between now and the end of May.