Greece applies for issue of Diaspora Bond in US

Greece has submitted an application to the US Capital Markets Regulation Committee for the issuance of bonds addressed to the wider investor public, according to the head of Greece's Public Debt Management Organisation Petros Christodoulou, in a statement to Reuters news agency.

The bond issue has been set at 3 billion dollars (2.15 billion euros), and approval by the Committee is awaited, Christodoulou said.

Following approval by the Committee, Greece may proceed with the issue of the so-called Diaspora bonds when it sees fit.

A senior government official cited by Reuters said the government has not yet decided when the bonds will be issued, or their duration.

The intention to issue Diaspora bonds had been announced by finance minister George Papaconstantinou in the autumn of 2010, with the aim of drawing capital from the large Greek community abroad.

Christodoulou said there are plans to issue such bonds to Greeks in Australia as well, but no relevant application has yet been submitted to Australian authorities.

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