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Greece Considers Selling Bonds to All the Greeks Leaving the Country

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Greece is now thinking about selling bonds to Greeks abroad, the country's finance minister said today, and he might be in luck: the pool of Greek expats looks to be quickly growing.

"We are talking at the moment and designing what is called a 'diaspora bond' to tap Greek money that is abroad and we feel that we will be quite successful," Finance Minister George Papaconstantinou told Reuters Insider TV.

Government officials said this so-called diaspora bond was still in the planning stage and details hadn't been decided yet. Analysts told Reuters that details were needed to see what amount Greece could raise from such a diaspora bond, and what would make it more attractive than other Greek debt offerings.

But the pool of potential individual investors for such a diaspora bond is certainly rising.

Specifically, an increasing number of young Greek college graduates are now leaving their homeland as a deepening recession chokes a job market already crippled by an entrenched culture of cronyism, according to the New York Times.

A survey published last month found that seven out of 10 Greek college graduates want to work abroad. Four in 10 are actively seeking jobs abroad or are pursuing further education to gain a foothold in the foreign job market. (Hat tip: Marginal Revolution.)
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