National Bank (NBG), Greece's second-largest lender, swapped government bonds worth about 3.8 billion euros ($4.22 billion) with a new 30-year government bond, the finance ministry said on Tuesday, yielding a capital gain for the bank.
The swap reduces the government's refinancing risk as bonds maturing in 5.4 years were exchanged for a new issue maturing in 2050.
The International Monetary Fund (IMF) has downgraded its growth forecasts for 2019-2021, primarily reflecting negative surprises to economic activity in a few emerging markets.
In its latest World Economic Outlook, the fund expected global economy to grow 2.9 percent in 2019, 3.3 percent in 2020, and 3.4 percent in 2021
Turkey is expected to post an economic growth figure for the past year, Treasury and Finance Minister Berat Albayrak forecast yesterday.
"We will end 2019 with a historic soft landing in terms of gross domestic product," Albayrak said at a meeting with journalists in Istanbul, adding that inflation will keep being a major indicator for 2020.