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HELLENIC REPUBLIC PUBLIC DEBT BULLETIN

Inflation and Interest Rates of T-Bills

for the period (Mar. 2012 – Mar. 2013)

-1,00

0,00

1,00

2,00

3,00

4,00

5,00

6,00

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

%

-2,00-1,50-1,00-0,500,000,501,001,502,002,503,003,504,004,50%

T-Bills Interest Rate Inflation Real Interest Rate

Note: The monthly real interest rate is defined as the difference between the 6-month T-Bill interest rate (prevailing at the end of the month) and the inflation rate. The real interest rate is depicted on the right vertical axis, while the inflation rate and the T-bill interest rate on the left vertical axis.

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March 2013

A. Central Government Debt1

Composition of Central Government Debt (amounts in million euro)*

31/12/2012 31/03/2013

Outstanding Central Government Debt 305,537.33 309,357.89

Α. Fixed rate2 32.7% 31.1% Floating rate2,3 67.3% 68.9% Β. Tradable 34.3% 32.5% Non-Tradable 65.7% 67.5% C. Euro 96.7% 96.1% Non-euro zone currencies6 3.3% 3.9%

Cash Deposits of the H.R. (million euro) 5,933.5 6,996.1

1. Central Government Debt differs from General Government Debt (Maastricht definition) by the amount of intra-sectoral debt holdings and other ESA '95 adjustments. 2. Fixed/floating participation is calculated including Interest Rate Swap transactions. 3. Index-linked bonds are classified as floating rate bonds. * Estimates

MINISTRY OF FINANCE GENERAL DIRECTORATE OF THE TREASURY AND THE BUDGET

PUBLIC DEBT DIRECTORATE CONTACT PERSON: G. FLORATOS – DIRECTOR

TEL.+30 210 33 38 451 +30 210 33 38 334 - +30 210 33 38 324 - FAX: +30 210 33 38 205 Internet address: http://www.minfin.gr, e-mail address: d23@glk.gr

Reuters: GR/FINMIN01 Bloomberg: GRMF

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Β. Central Government Debt by major categories** (amounts in million euro)*

31/12/2012 31/03/2013 Bonds and short-term notes 104,654.42 100,555.32 Bonds issued domestically 81,769.19 81,324.53 Bonds issued abroad 4,308.23 4,089.21 Securitization issued abroad 220.02 182.76 Short-term notes 18,356.98 14,958.82 Loans 200,882.91 208,802.57 Bank of Greece 5,212.33 5,212.26 Other domestic loans 118.50 118.50 Special purpose and bilateral loans 7,069.12 7,061.17 Financial Support Mechanism loans 183,098.58 191,111.64 Other external loans 5,384.38 5,299.00

Total 305,537.33 309,357.89

*Since 31/12/2010 Public Debt has been categorized between bonds and loans, long-term and short-term, according to European System Accounts (ESA 95). ** Estimates

Outstanding volume of Greek State Guarantees (millions of euro) 31/12/2012* 31/03/2013*

Outstanding guaranteed debt 19,670.52 19,483.48

* Estimates

C. New Borrowing (Jan. – Mar. 2013)

Composition of borrowing for the period Jan. – Mar. 2013

IMF Loans17.2%

EFSF Loans25.4%

T-Bills57.4%

Composition of new borrowing by initial maturity

20-31Y25.4%

≤1Y57.4%

4-10Y17.2%

Weighted average maturity of

new borrowing

5,66

3,68

2,36

16,53

9,10

0 2 4 6 8 10 12 14 16 18 20

2009

2010

2011

2012

2013

Weighted average maturity in years

Borrowing activity in 2013, by month (amounts in million euro)

05000

100001500020000250003000035000400004500050000

Jan

Feb Mar Apr

May Jun Jul

Aug Sep

Oct Nov

Τ-BillsIMF LoansEFSF Loans

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D. Primary and Secondary Market of Greek Government Securities

Issuance Calendar of Greek Government securities

1. Auction Calendar for April & May 2013 09/04/2013 26-weeks T-Bill (ACT/360) 16/04/2013 13-weeks T-Bill (ACT/360) 08/05/2013 26-weeks T-Bill (ACT/360) 14/05/2013 13-weeks T-Bill (ACT/360)

2. Auction Results (Jan. – Mar. ’13)

Auction ISIN Maturity Auction Amount (€ mln)

Offered Amount (€ mln)

Amount Issued (€ mln)

Price Yield

T-Bills

19-03-13 05-03-13 12-02-13 05-02-13 15-01-13 08-01-13 08-01-13

GR0000106097 GR0002105683 GR0000105081 GR0002104678 GR0000104076 GR0002103662 GR0006003868

21-06-13 06-09-13 17-05-13 09-08-13 19-04-13 12-07-13 08-02-13

1,000 875 1,000 625 1,250 1,250 750

1,655 1,438 1,763 1,053 2,182 2,025

983.2

1,600 1,400 1,600 1,000 2,000 2,000 1,200

98.986% 97.896% 98.987% 97.887% 98.982% 97.872% 99.694%

4.05% 4.25% 4.05% 4.27% 4.07% 4.30% 3.95%

3. Special Purpose Bonds & Other Issues (Jan. – Mar. ’13)

Disbursement

Organization Tenor Maturity Amount in

(€ mln) Interest Rate

4. European Financial Stability Facility & International Monetary Fund Loans (Jan. - Mar. ’13)

Tranche Organization

Disbursement

Maturity Ccy Amount in € (mln.)

Interest Rate

2,3 IMF 18/01/2013 From 18/07/2017 until 18/07/2023 (semiannually)

SDR 3,241.2 Step up: - 3Μ SDR - 3M SDR + spread 2% - 3M SDR + spread 3%

3-3 EFSF 31/01/2013 31/01/2043 EUR 2,000.0 Annual floating based on EFSF funding cost.

3-5 EFSF 28/02/2013 From 28/02/2043 until 28/02/2044

EUR 2,800.0 Annual floating based on EFSF funding cost.

5. Central Government Debt by residual maturity (amounts in million euro)

31/12/2012 % 31/03/2013 %

Total volume 305,537.33 100.0% 309,357.89 100.0% short-term (up to 1 year) 31,121.60 10.2% 30,238.30 9.8% medium-term (1to 5 years) 55,265.83 18.1% 52,748.50 17.0% long-term (more than 5 years) 219,149.90 71.7% 226,371.09 73.2%

Weighted average residual maturity of Central Government Debt on 31/03/13: 15.41 years

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6. Redemption schedule of Central Government Debt on 31/03/2013 (amounts in billion euro)

7.73.6

7.63.83.95.6

8.08.67.38.08.07.36.96.96.76.76.89.59.39.3

7.36.4

14.613.614.416.1

6.8

24.9

14.9

6.25.97.7

1.14.84.85.9

12.0

0.1

0

5

10

15

20

25

30

35

13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 57

Years

Bonds & Loans Short-term notes

Notes: 1. Buy-backs are scheduled for the smoothening of redemptions.

7. Monthly volume of transactions on Greek Government Bonds in the Electronic Secondary Market (HDAT) (Jan. ’12 – Mar. ’13)

(amounts in million euro)

0

20

40

60

80

100

120

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2012 2013

Source: Bank of Greece, HDAT

8. Volume of transactions in HDAT – 1st Quarter 2013 (by residual maturity of Government Bonds)

10-15 years 33.3%

up to 10 years 2.0%15-30 years

64.7%

Note: Public Debt data for each quarter will be announced no later than 50 days after the end of the reference quarter. Source: Bank of Greece, HDAT

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