The Greek government recently issued the third in a series of securitizations designed to gear itself up for single-currency conversion to the Euro, and market analysts predict that additional deals are being lined up, including a possible securitization of social security taxes.

As countries such as Greece and Italy seek to reduce their indebtedness in order to meet the European Union's standards for conversion to the Euro, they have frequently turned to securitization. Atlas Securitization S.A., a special purpose entity (SPE) designed by the Hellenic Republic, recently issued 2 billion in two floating-rate tranches, which both garnered a single-A rating from Standard & Poor's.

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