The Greek government has been won over to the joys - and off-balance sheet treatment - of securitization in a big way, with several deals in the pipeline.

First in the queue is IKA, the state social security agency, which announced last week that a consortium made up of Paribas, Citibank and the National Bank of Greece will advise on a securitization backed by overdue social security payments (ASRI 2/28/2000, p.2).

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