Japonica Partners & Co., a Rhode Island firm that offered to buy Greek government bonds earlier in June, has said it will buy more bonds for a cheaper amount, in its latest statement.

Previously, Japonica offered to buy about 10 percent of the Greek government’s 29.6 billion-euro ($3.8 billion) debt, at a cost of about 2.9 billion euros.

Now, the firm says it can afford up to 4 billion euros, or about 13 percent of Greek's debt in bonds, and has said it’s willing to accept slightly less from sellers for each bond. It has also extended its deadline for offers by a month, until Aug. 1.

Japonica cited political tensions within the Greek governing coalition, a potential Greek budget gap of over 3 billion euros, and lower-than-expected revenues from privatization efforts as key factors in modifying its offer.

Japonica’s going rate reflects their view of the bonds’ “intrinsic” value, regardless of its short-term performance in a volatile market.

Nomura International PLC economist Dimitris Drakopoulos told Bloomberg that Japonica’s unusual proposal hasn’t really stirred the market’s interest thus far.

Many hedge funds who hold Greek government debt are speculating that bond prices will rise, and won’t look to exit for small gains anytime soon, he said.

According to Japonica’s website, the investment firm specializes in unobvious investment opportunities which many other investors have abandoned as too risky. It is led by Paul Kazarian, a former Goldman Sachs banker.