The Hellenic Republic today announced that it would make timely payment of the principal as well as the interest due on approximately €435 million of bonds maturing on May 15, 2012.

These bonds are among the approximately €6.4 billion of bonds issued or guaranteed by the Hellenic Republic, which were eligible for inclusion in Greece's recently completed bond exchange, referred to as PSI (Private Sector Involvement), but were not tendered for exchange.

The decision weighed carefully all relevant factors and implications as well as the current conjuncture.  Today’s decision does not prejudice future decisions on the treatment of the remaining bonds not tendered in the PSI exchange.