Following the example set by the Italian government, Greece's securitization program seems to be gaining momentum.

In November, Hellenic Securitization SA launched a EURO745m synthetic issuance of structured notes involving a debtor in the Hellenic Republic. As Stephen King at Deutsche Bank explained: "This is the first securitization transaction to emerge from the Hellenic Republic. In October, the law which governs securitization transactions (originally passed in February) was enhanced to allow for the securitization of future flow receivables."

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