HELLENIC REPUBLIC PUBLIC DEBT BULLETIN

Inflation and Interest Rates of T-Bills for the period (Dec. 10 Dec. 11)
%
6 5 4 3 2 1 0
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

%
3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 -0,5 -1,0 -1,5 -2,0 -2,5 -3,0 T-Bills Interest Rate Inflation Real Interest Rate

64
December 2011
31/12/2011 367,978.00 62.0% 38.0% 74.7% 25.3% 97.5% 2.5%

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.

A. Public Debt (Central Government)1

Composition of Central Government Debt (amounts in million euro)* 30/09/2011 Outstanding Central Government Debt . Fixed rate2 Floating rate2,3 . Tradable Non-Tradable C. Euro Non-euro zone currencies6 360,379.16 64.0% 36.0% 76.7% 23.3% 97.7% 2.3%

Cash Deposits of the H.R. (million euro)

3,558.7

3,629.4

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

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

Bonds and short-term notes Bonds issued domestically Bonds issued abroad Securitization issued abroad Short-term notes Loans Bank of Greece Other domestic loans Special purpose and bilateral loans Financial Support Mechanism loans Other external loans Short-term loans Total 30/09/2011 276,308.42 241,833.18 17,880.90 312.63 16,281.71 84,070.74 5,685.95 19.40 7,333.58 65,166.00 5,865.81 0.00 360,379.16 31/12/2011 274,832.81 240,940.37 18,521.18 312.63 15,058.63 93,145.19 5,683.99 836.71 7,257.46 73,210.36 6,156.67 0.00 367,978.00

*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) Outstanding guaranteed debt
* Estimates

30/09/2011* 22,968.7

31/12/2011* 20,632.5

C. New Borrowing (Jan. Dec. 2011) Composition of borrowing for the period Jan. Dec. 2011
EFSM Loans 47.5%

Composition of new borrowing by initial maturity

1Y 28.5%

EIB Loans 1,3%

T-Bills 44.7%

3Y 36.1 %

Special Issues 6.5%

5Y 35.4%

Weighted average maturity of new borrowing

2011 2010 2009 2008 2007 0 2 4 6 8 2,36 3,68 5,66 10,96 13,25 10 12 14 16 18 20

Borrowing activity in 2011, by month (amounts in million euro)

18000 16000 14000 12000 10000 8000 6000 4000 2000 0
Ja n Fe b M ar Ap r M ay Ju n Ju l Au g

-Bills Special Issues EFSM Loans EIB Loans

Se p O ct No v De c

Weighted average maturity in years

D. Primary and Secondary Market of Greek Government Securities 1. Issuance Calendar of Greek Government securities

A. Auction Calendar for January & February 2012 10/01/2012 17/01/2012 07/02/2012 15/02/2012 26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360) 26-weeks T-Bill (ACT/360) 13-weeks T-Bill (ACT/360) 2. Auction Results (Oct. Dec. 11)
Auction T-Bills 11-10-11 18-10-11 08-11-11 15-11-11 13-12-11 20-12-11 GR0002088517 GR0000089897 GR0002089523 GR0000090903 GR0002090539 GR0000091919 17-04-12 20-01-12 11-05-12 17-02-12 15-06-12 23-03-12 1,000 1,250 1,000 1,000 1,250 1,000 2,725 3,580 2,910 2,940 3,660 2,910 1,600 2,000 1,600 1,600 2,000 1,600 97.550% 98.848% 97.588% 98.843% 97.558% 98.830% 4.86% 4.61% 4.89% 4.63% 4.95% 4.68% ISIN Matutity Auction Amount ( mln) Offered Amount ( mln) Amount Issued ( mln) Price Yield

3. Special Purpose Bonds & Other Issues (Oct. Dec. 11) Bonds Record date ISIN Tenor Maturity

Amount Issued
( mln) 0.07 1,496.90 2,097.65

Coupon 1.00% 6 Euribor + 1.3%

07-11-11 GR0106003792 1Y 30/06/2012 30-12-11 GR0514017145 5Y 21/05/2014 Undertaking loans of OASA, TRAM (L.3920/2011, article 3) Loans Disbursement Organization Tenor

Maturity

Amount in
( mln)

Interest Rate

4. Financial Support Mechanism Loans (Oct. - Dec. 11)

Tranche 6th Organi zation I.M.F Disbursem ent 07/12/2011 Maturity From 07/03/2015 untill 07/12/2016 (quarterly) From 13/03/2015 untill 15/12/2016 (quarterly) Ccy SDR Amount in (mln.) 2,231.7 Interest Rate Step up: - 3 SDR - 3M SDR + spread 2% - 3M SDR + spread 3% 3M Euribor + spread 3% for the first three years and 4% for the remaining years until maturity.

6th

.U.

14/12/2011

EUR

5,800.0

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

30/09/2011 Total volume of which: 360,379.16 52,041.48 166,535.09 141,802.59 % 100.0% 14.5% 46.2% 39.3% 31/12/2011 367,978.00 50,521.70 175,261.00 142,195.30 % 100.0% 13.7% 47.6% 38.7%

short-term (up to 1 year) medium-term (1to 5 years) long-term (more than 5 years)

Weighted average residual maturity of Central Government Debt on 31/12/11: 6.30 years 3

6. Redemption schedule of Central Government Debt on 31/12/2011 (amounts in billion euro)

60 62.6 49.5

50 15.1 37.9 40 35.5 30 20

25.3 24.0 25.6 11.3 9.9 6.2 1.5 11.39.6 1.0

10 0

7.7 1.5 0.6 0.4

8.6

9.3 7.9 0.3 0.3 0.3 2.3 0.3 0.3 1.8

12 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 40 57

Years

Bonds & Loans

Notes:

Short-term notes

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

7. Monthly volume of transactions on Greek Government securities in the Electronic Secondary Market (HDAT) (Jan. 09 Dec. 11) (amounts in billion euro)
2009 2010 2011

60

50

40

30

20

10

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

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