Is this not a pile vowWe maintain this goal

Petros Christodoulou, the pattern of Greek debt Agency, received "Les echos" in Athens. He explains how the Greece, which has not issued titles in the long term since November 2008, prepares his return on the market. And this at a time where the country risk premium again to tend.

You intend to return in the long-term debt market next year. Is this not a pile vow

We maintain this goal. The Greece will have crossed a year of austerity. So far, we only have access to short-term debt market. We rely on the fact that investors will be looking for better yields next year. Opportunistic investors will probably begin to buy, even if the note of the Greece is not found. In their wake, other, less sophisticated, should come. These movements will Greek debt risk premium to tighten. Then, the country note should be reviewed on the rise.

How do you explain while the rate to 10 years are reassembled above 11 and the rate with the Germany differential exceeds 9

The market focused its attention on what is not. We are ahead of a large number of reforms - in seven months, the budget deficit has been reduced by 40, as the Government was committed-, but the question of tax revenue occupies the front of the stage since, on this point, the Greece lags. Furthermore, in June, Moody's lowered the note of the country to the rank of "speculative debt", which caused sales forced Greek bonds, including on the part of the funds that replicate bond indices. This movement focused on amounts of the order of 30 to 50 billion euros, which is far from negligible. In June and July, blocks of securities were offered on the market without that there is demand in the face, with the exception of a few opportunistic investors. Tensions are really there in my opinion: the high risk premium reflects before the State of the stream, rather than a visceral belief of the market in a scenario of debt restructuring Greek.

Don't you be afraid that a global slowdown disrupt your plans

Our economy is partly protected from the global downturn because of the enormous weight of the underground economy, which weighs between 25 and 40 of GDP. If we return to some of these activities in the official accounts, this dampen recessionary pressures. In the first quarter, despite the shortness of the economy, we have seen an increase in the number of VAT receipts: tax collection is therefore increasing. people used to ask receipts and small business to them.

How do you consider the evolution of reforms in Greece

Enormous progress has been made. In the first seven months of the year, legislation that could never pass previously have voted. The pension reform, declining wages in the public service and the privatisation will improve the competitiveness of our economy. Indeed, it is necessary to balance the austerity measures for growth. I also think that, unlike the current projections of the IMF, the decline in the GDP will be less than 4 this year. The Government does not disarm. The privatization of the rail sector is underway, the transformation of the banking system is under discussion and, above all, a device has been developed to collect more taxes. Because this area things have step evolved as quickly as we would like. It is a profound cultural transformation for the Greece.

What is your strategy to markets

We want to strengthen our presence. Given that short term debt is our only access to the market, we just change our schedule of programming to be more regular: a quarterly pace, we turn to a monthly rate for our operations on the maturities-3, 6 or 12 months. It is a way to constantly test the appetite of the market. With regard to our communication, we have chosen to indent the months that followed the announcement of the plan of assistance of the IMF and the European Union. Then, in July, we organised a Conference in London for investors to explain the ongoing reforms. Now that we have tangible elements of progress in Greece and we have the report of the IMF and the European Union, we are going to better "sell" the Greece and organize more meetings with the financial community. In the same vein, the Greek Finance Ministry endorsed the European Commission and the IMF for the presentations in the major financial centres this month.

Are you satisfied with the last auction of short-term debt

Yes, the market response has been very encouraging. In July, we sold securities EUR 4.5 billion to banks and a party to the clientele of individuals in Greece. In all, foreign investors have purchased more than 20 of the titles on 3 and 6 months.

But you have given to issue securities in 1 year...

Yes, it would have cost us too much. The rate would be found well above 5. But we have no reason to pay the interest rates that exceed those applied by the IMF and the European Union.

Are what role you under the IMF-Union ECB-European program

I have taken part in the negotiations and given my opinion on elements contained in the agreement. At present, the debt Agency plays a role of coordinator between the inspectors come in Greece and various administrative and corporate services. In addition, our mission is to monitor permanently the level of liquidity from the country and to inform our European partners of the progress made and of our financing plans. Besides this, we put our surpluses from short-term to Greek banks liquidity.

What do you think the decision of the ECB to buy sovereign debt market

It is a good initiative. Having a buyer when the market is under pressure is a factor of stabilization. In addition, should keep in mind that the size of this program is in proportion to what the Fed and the Bank of England have done during the crisis. Furthermore, given current prices, it is difficult to imagine that a buyer be found losing in fine.

Do you think that the worst of the sovereign debt crisis is behind us

I note especially inconsistencies in the market with economic fundamentals. For example, market prices do not take any account of a ratio yet very interesting: the debt of the State on its revenues, to service the debt. This ratio is not flattering to the United States to the European countries. Yet, the concerns are focused on Europe. I find that they are exaggerated. Indeed, if we look at the behaviour of the euro compared to the rates, was a different reading of the situation of European public finances. It will be seen which of these indicators is the fairer...