After receiving support from the EU last week, Greece needs to raise as much as 15.5 billion euros by the end of May which is not an easy task. Papandreou, the Greek finance minister, said the previous week that his country will chose the right time to go out on the market.
Greece will receive an aid from the EU and IMF to trim its deficit from 12.7% to 8.7% by the end of the current year, before reducing it to the 3% level set by the EU by 2012. However, Greece has to repay debt in April worth near 12 billion euros in addition to 8.5 billion euros of 10-year bonds in May. Besides, the deficit cut plan reveals that Greece needs an average of 2 billion euros a month to cover the budget deficit and interest payments on the current debt.