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Cyprus

Government debt repayments seen at €713m in 2018

By Stelios Orphanides

The government faces €713m in debt maturities this year, including the second payment of €312.5m to the Russian Federation against a €2.5bn negotiated seven years ago, the Public Debt Management Office (PDMO) said.

Debt maturities amount to €1.3bn next year and in 2020 each before they fall to €1.2bn in 2121, the PDMO said in a statement on its website. In each of 2022 and 2023, the government will have to repay €1.6bn.

Total public debt as of June 30, 2018, excluding the government bonds issued in favour of the Co-op, stood at €20.5bn, the PDMO said.

The government issued in April to the Cyprus Cooperative Bank via private placement €2.4bn in bonds with a maturity beyond 2033 to raise cash for a €2.5bn deposit to strengthen confidence in the state-owned lender, which after becoming a casualty of its failure to sufficiently reduce its non-performing loans stock, had to sell its operations to Hellenic Bank.

As part of the agreement between the Co-op and Hellenic, the government bought back on July 13, the bonds issued to the Co-op three months before and issued €3.2bn in new bonds with a maturity of up to 47 months.

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