Obligation ???????? ????????? 2.925% ( XS0292467775 ) en EUR

???????? ?????????

100 % ⇌

Grece

XS0292467775 ( en EUR )

2.925% par an ( paiement annuel )

25/07/2057 - Obligation échue

Prospectus brochure de l'obligation Central government: Hellenic Republic XS0292467775 en EUR 2.925%, échue

1 000 000 EUR

1 600 000 000 EUR

Le gouvernement central de la République hellénique est une république parlementaire où le pouvoir exécutif est exercé par un Premier ministre et son cabinet, responsables devant le Parlement.

L'Obligation émise par ???????? ????????? ( Grece ) , en EUR, avec le code ISIN XS0292467775, paye un coupon de 2.925% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 25/07/2057

OFFERING CIRCULAR
The Hellenic Republic
600,000,000 2.085 per cent. Inflation Linked Notes due 25 July 2057
(to be consolidated and form a single issue with the 1,000,000,000 2.085 per cent.
Inflation Linked Notes due 25 July 2057 issued by the Hellenic Republic on 30 March
2007)
Issue Price: 94.60 per cent. of the principal amount of the Notes
(plus an amount equal to 115 days' accrued interest from, and including
1 April 2008, to, but excluding 25 July 2008)
The 600,000,000 2.085 per cent. Inflation Linked Notes due 25 July 2057 (the "Notes") (to
be consolidated and from a single issue with the 1,000,000,000
2.085 per cent. Inflation Linked Notes due 25 July 2057 issued by the Hellenic Republic (the
"Republic") on 30 March 2007) will bear interest from, and including, 1 April 2008 and
interest will be payable annually in arrear on each Interest Payment Date (see "Terms and
Conditions of the Notes Interest"). The first payment of interest will be paid on
25 July 2008 in respect of the period from, and including, 1 April 2008 to, but excluding,
25 July 2008. Payments of interest in respect of the Notes will be made without deduction for
or on account of Greek taxes, as described, and subject to the exceptions set out, under
"Terms and Conditions of the Notes - Taxation".
The Notes will mature on the Interest Payment Date falling on 25 July 2057.
This Offering Circular neither constitutes a prospectus pursuant to Part II of the Luxembourg
law on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated
10 July 2005 (the "Luxembourg Prospectus Law") (which implements the Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 (the
"Prospectus Directive")) nor a simplified prospectus pursuant to Chapter 2 of Part III of the
Luxembourg Prospectus Law. Accordingly, this Offering Circular does not purport to meet
the format and the disclosure requirements of the Prospectus Directive and Commission
Regulation (EC) No 809/2004 implementing the Prospectus Directive, and it has not been,
and will not be, submitted for approval to any competent authority within the meaning of the
Prospectus Directive and in particular the Supervisory Commission of the Financial Sector
(Commission de Surveillance du Secteur Financier), in its capacity as competent authority
under the Luxembourg Prospectus Law. The Notes, issued pursuant to this Offering Circular,
will therefore not qualify for the benefit of the single European passport pursuant to the
Prospectus Directive.
Save in the certain limited circumstances described herein, Notes in definitive form will not
be issued in exchange for the Permanent Global Note.
The Notes will initially be represented by a temporary global note (the "Temporary Global
Note"), without interest coupons, which will be deposited on or about 1 April 2008 (the
"Closing Date") with a common safekeeper for Euroclear Bank SA/NV ("Euroclear") and
Clearstream Banking, société anonyme ("Clearstream, Luxembourg"). Interests in the
Temporary Global Note will be exchangeable for interests in a permanent global note (the
"Permanent Global Note" and, together with the Temporary Global Note, the "Global
Notes"), without interests coupons, on or after 11 May 2008 (the "Exchange Date"), upon
certification as to non-U.S. beneficial ownership. Save in the certain limited circumstances

described herein, Notes in definitive form will not be issued in exchange for the Permanent
Global Note.
The Notes are intended to be held in a manner which will allow Eurosystem eligibility. This
simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as
common safekeeper and does not necessarily mean that the Notes will be recognized as
eligible collateral for Eurosystem monetary policy and intra-day credit operations by the
Eurosystem either upon issue or at any or all time during their life. Such recognition will
depend upon satisfaction of the Eurosystem eligibility criteria.
Managers
Goldman Sachs International
EFG Eurobank Ergasias
National Bank of Greece

The date of this Offering Circular is 28 March 2008.

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The Republic confirms that it has taken all reasonable care to ensure that all information
contained in this Offering Circular with regard to the Republic and the Notes is in every
material respect true and accurate and not misleading and to the best of its knowledge and
belief there are no other facts the omission of which would make any statement in the
Offering Circular misleading in any material respect in the context of the issue and sale of the
Notes. The Republic accepts responsibility accordingly.
The Managers (as defined under "Subscription and Sale") have not separately verified the
information contained herein. Accordingly, no representation, warranty or undertaking,
express or implied, is made and no responsibility or liability is accepted by the Managers as
to the accuracy or completeness of the information contained in this Offering Circular or any
other information provided by the Republic in connection with the Notes or their distribution.
No person is or has been authorised to give any information or to make any representation
which is not contained in, or which is not consistent with, this Offering Circular or any other
information supplied by or on behalf of the Republic in connection with the Notes and, if
given or made, such information or representation must not be relied upon as having been
authorised by the Republic or the Managers.
Neither this Offering Circular nor any other information supplied in connection with the
Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be
considered as a recommendation or constituting an invitation or offer by the Republic that
any recipient of this Offering Circular should purchase any Notes. Each investor
contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Republic.
Prospective investors should be aware that the interest payable on the Notes is determined in
accordance with a formula linked to the HICP (as described below) and is therefore variable.
Neither the current nor the historical value of the HICP should be taken as an indication of
future performance of the HICP during the term of the Notes.
The delivery of this Offering Circular does not at any time imply that the information
contained herein concerning the Republic is correct at any time subsequent to the date hereof
or that any other information supplied in connection with the issue of the Notes is correct as
of any time subsequent to the date indicated in the document containing the same.
The distribution of this Offering Circular and the offer or sale of Notes may be restricted by
law in certain jurisdictions. The Republic and the Managers do not represent that this
document may be lawfully distributed or that the Notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction,
or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. In particular, no action has been taken by the
Republic or the Managers which would permit a public offering of the Notes or distribution of
this document in any jurisdiction where action for that purpose is required. Accordingly, the
Notes may not be offered or sold, directly or indirectly, and neither this Offering Circular nor
any advertisement or other offering material may be distributed or published, in any
jurisdiction except under circumstances that will result in compliance with any applicable
laws and regulations. Persons into whose possession this Offering Circular or any Notes
come must inform themselves about, and observe, any such restrictions.
The Notes have not been and will not be registered under the United States Securities Act of
1933, as amended, (the "Securities Act") and may not be offered or sold in the United States
or to U.S. persons except in a transaction that is exempt from or not subject to any
registration requirements. As a result, the Notes are only being offered pursuant to offers and

Page 3

sales in compliance with Regulation S under the Securities Act ("Regulation S"). (See
"Subscription and Sale").
In addition, there are restrictions on the distribution of this Offering Circular and the offer or
sale of Notes in the United States and the United Kingdom (see "Subscription and Sale").
In this Offering Circular, unless otherwise specified or the context otherwise requires,
references to "" or "euro" are to the currency introduced at the start of the third stage of
European Economic and Monetary Union pursuant to the Treaty establishing the European
Community (as amended from time to time).
In connection with the issue of the Notes, Goldman Sachs International (or persons acting
on its behalf) (the "Stabilising Manager"), may over-allot (provided that the aggregate
principal amount of Notes allotted does not exceed 105 per cent. of the aggregate amount
of the Notes) Notes or effect transactions with a view to supporting the market price of
the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager (or persons acting on its behalf) will undertake
stabilisation action. Any stabilisation action may begin on or after the date of adequate
public disclosure of the terms of the offer of the Notes and, if begun, may be ended at any
time, but it must end no later than 30 days after the Closing Date. Any stabilisation action
or over-allotment shall be conducted in accordance with all applicable laws and rules.

Page 4

TABLE OF CONTENTS

Page
Terms and Conditions of the Notes ......................................................................................... 6
Summary of provisions relating to the Notes while in global form ..................................... 19
Use of Proceeds ..................................................................................................................... 21
Greek Taxation ...................................................................................................................... 22
Subscription and Sale ............................................................................................................ 23
General Information .............................................................................................................. 25

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TERMS AND CONDITIONS OF THE NOTES
There follows the text of the Terms and Conditions to which (subject to completion and
amendment) the Notes will be subject:
The 600,000,000 2.085 per cent. Inflation Linked Notes due 25 July 2057 (the "Notes") (to
be consolidated and from a single issue with the 1,000,000,000
2.085 per cent. Inflation Linked Notes due 25 July 2057 issued by the Hellenic Republic (the
"Republic") on 30 March 2007) are issued pursuant to (a) article 1 of L. 2187/94, as in force,
article 31 of Law 1914/1990, Laws 2628/98 (for the establishment of the Public Debt
Management Agency (PDMA)), 2682/99 and 3091/2002 and (b) Ministerial Decisions
2/44514/004 dated 16 June 1999 and published on 7 July 1999 of the Minister of Finance and
238/0094/3 January 2005 of the Minister of Economy and Finance. Payments in respect of the
Notes will be made pursuant to a supplemental agency agreement dated 28 March 2008 which
restates and amends an agency agreement originally entered into on 29 March 2007 (together,
with amendments of 18 December 2007, the Agency Agreement) and made between the
Republic, Citibank, N.A. as principal paying agent and agent bank (the "Agent", which
expression shall include any successor agent) and Dexia Banque Internationale à
Luxembourg, société anonyme as Luxembourg paying agent (the "Paying Agent", together
with the Agent, the "Paying Agents", which expression shall include any successor paying
agents).
The Noteholders and the Couponholders (each as defined below) are entitled to the
benefit of a Deed of Covenant (the "Deed of Covenant") dated 28 March 2008 and made
by the Republic.
Copies of the Agency Agreement and the Deed of Covenant are available for inspection,
during normal business hours at the specified offices of each of the Paying Agents. The
Noteholders and the Couponholders are deemed to have notice of, and are entitled to the
benefit of, all the provisions of the Deed of Covenant and the Agency Agreement which
are binding on them.
Words and expressions defined in the Agency Agreement shall have the same meanings
where used in these Terms and Conditions unless the context otherwise requires or unless
otherwise stated and provided that, in the event of inconsistency between the Agency
Agreement and these Terms and Conditions, these Terms and Conditions will prevail.
Any reference herein to "Noteholders" shall mean the holders of the Notes and any
reference herein to "Couponholders" shall mean the holders of the Coupons (as defined
below).
1.
FORM, DENOMINATION AND TITLE
The Notes are in bearer form and in the denomination of 1,000,000 (the "Specified
Denomination"). Any definitive Notes are issued with interest coupons for the payment
of interest (the "Coupons") attached.
Subject as provided below, title to the Notes and Coupons will pass by delivery. The
Republic and each of the Paying Agents may deem and treat the bearer of any Note or
Coupon as the absolute owner thereof (whether or not overdue and notwithstanding any
notice of ownership or writing thereon or notice of any previous loss or theft thereof) for
all purposes.
For as long as any of the Notes are represented by a global note held on behalf of
Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme

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("Clearstream, Luxembourg"), each person (other than Euroclear or Clearstream,
Luxembourg) that is for the time being shown in the records of Euroclear or Clearstream,
Luxembourg, as the holder of a particular nominal amount of such Notes (in which regard
any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to
the nominal amount of such Notes standing to the account of any person shall be conclusive
and binding for all purposes save in the case of manifest error) shall be treated by the
Republic and any Paying Agent as the holder of such nominal amount of such Notes for all
purposes other than with respect to the payment of principal or interest on the Notes, for
which purpose the bearer of the relevant global Note shall be treated by the Republic and
any Paying Agent as the holder of such Notes in accordance with and subject to the terms
of the relevant global Note (and the expressions "Noteholder" and "holder of Notes" and
related expressions shall be construed accordingly). Notes which are represented by a
global Note will be transferable only in accordance with the rules and procedures for the
time being of Euroclear or Clearstream, Luxembourg, as the case may be.
2.
STATUS OF THE NOTES AND NEGATIVE PLEDGE
The Notes constitute direct, general, unconditional, unsubordinated and, subject to this
Condition, unsecured obligations of the Republic. The Notes rank pari passu with all
other unsecured and unsubordinated obligations of the Republic outstanding on
28 March 2008 or issued thereafter without any preference granted by the Republic to one
above the other by reason of priority of date of issue, currency of payment, or otherwise.
The due and punctual payment of the Notes and the performance of the obligations of the
Republic with respect thereto is backed by the full faith and credit of the Republic. So
long as any Note remains outstanding, the Republic shall not create or permit to subsist any
mortgage, pledge, lien or charge upon any of its present or future revenues, properties or
assets to secure any External Indebtedness, unless the Notes shall also be secured by such
mortgage, pledge, lien or charge equally and rateably with such External Indebtedness or by
such other security as may be approved by an Extraordinary Resolution of the Noteholders (as
described in Condition 10).
"External Indebtedness" means existing or future indebtedness for borrowed money of
the Republic (i) expressed or payable or optionally payable in a currency other than the
lawful currency of the Republic (including any guarantees given by the Republic for any
existing or future indebtedness for borrowed money of any other person which
indebtedness is expressed or payable or optionally payable in a currency other than the
lawful currency of the Republic) or (ii) borrowed from or initially placed with a foreign
institution or person under a contract governed by the laws of a jurisdiction other than the
Republic (including any guarantees given by the Republic for any existing or future
indebtedness for borrowed money of any other person which is borrowed from or initially
placed with a foreign institution or person under a contract governed by the laws of a
jurisdiction other than the Republic).
3. INTEREST
(1)
Interest Rate and Interest Payment Dates
The Notes bear interest from, and including, 1 April 2008 (the "Commencement
Date") and interest will be payable annually in arrear on 25 July in each year (each an
"Interest Payment Date"). The first Interest Payment Date, with regard to the Notes offered
herein, will be 25 July 2008 in respect of the period from, and including, 1 April 2008 to, but
excluding, 25 July 2008. Interest will be payable in respect of each Interest Period
(which expression shall mean the period from, and including, the Commencement Date
to, but excluding, the first Interest Payment Date and each successive period from, and

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including, an Interest Payment Date to, but excluding, the next succeeding Interest
Payment Date).
(2) Interest
Accrual
Each Note will cease to bear interest from and including its due date for redemption unless,
upon due presentation, payment of the principal in respect of the Note is improperly withheld
or refused or unless default is otherwise made in respect of payment. In such event, interest
will continue to accrue until whichever is the earlier of: the date on which all amounts due in
respect of such Note have been paid; and five days after the date on which the full amount of
the moneys payable in respect of such Notes has been received by the Agent and notice to
that effect has been given to the Noteholders in accordance with Condition 11.
(3) Interest
Rate
The Notes will bear interest calculated by the Agent Bank in accordance with the following
provisions:
Interest payable in respect of each Note on each Interest Payment Date = 2.085 per cent.
per annum x Index Ratio on the relevant Interest Payment Date x Principal Amount of that
Note (1,000,000), provided that such amount of interest shall not be less than zero. The
interest payable on the first Interest Payment Date shall be equal to an amount calculated in
respect of the period from, and including, the Commencement Date to, but excluding, the first
Interest Payment Date.
"Commencement Date" means 1 April 2008.
"Daily Inflation Reference Index" means in relation to a day (D) in any given month (M),
the linear interpolation of the HICP for the third month preceding such month (M-3) and the
second month preceding such month (M-2) expressed relative to the same base of 100 and
calculated in accordance with the following formula:
Daily Inflation Reference Index as of
NBD - 1
D = HICP m-3 +
x (HICPm-2 - HICPm - )
3
NDM
where:
HICP M-2 = The HICP for Month M-2
HICP M-3 = The HICP for Month M-3
NBD = Number of days since the start of month M
NDM = Number of days in month M
The Daily Inflation Reference Index will be rounded to five decimal places.
"HICP" means the Harmonised Index of Consumer Prices, excluding tobacco, for the euro
zone produced by Eurostat under Article 121 of the Treaty of Amsterdam (109j of the Treaty
of European Union) and published on Eurostat's web site
(http://www.europa.eu.int/comm/eurostat/) at:
http://epp.eurostat.ec.europa.eu/portal/page?_pageid=1996,39140985&_dad=portal&_schema

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=PORTAL&screen=detailref&language=en&product=EUROIND&root=EUROIND/shorties/
euro_cp/cp240
The HICP for any month is determined as at the date of its first publication, notwithstanding
any subsequent changes to it. Any revised level of HICP for any month will be taken into
account when calculating the level of HICP for the month following the official
announcement of the change.
"Index Ratio" means, in respect of any date, the ratio between the Daily Inflation Reference
Index determined on that date and 102.41742 (the "Base Inflation Reference Index"). The
Index Ratio will be rounded to five decimal places.
(The Base Inflation Reference Index was calculated as the Daily Inflation Reference Index
determined as of 30 March 2007 with reference to the original, unrevised HICP available on
the same date.)
The Agent Bank will determine the amount of interest payable on each Interest Payment Date
in respect of each Note (in the denomination of 1,000,000) four Business Days (as defined
below) before the relevant Interest Payment Date and shall notify any stock exchange on
which the Notes are at the relevant time listed and promptly publish the relevant Index Ratio
and the amount of interest payable in respect of each Note in accordance with Condition 11 as
soon as possible after their determination. "Business Day" means a day on which commercial
banks and foreign exchange markets settle payments in Athens and a day on which the Trans-
European Automated Real-Time Gross Settlement Express Transfer System (TARGET) is
operating.
Rebasing
If the HICP is rebased to a different year, the Agent Bank will adjust the calculations of the
Daily Inflation Reference Index so that both are expressed in the new base year, even though
a base change may have occurred between the two dates they refer to. The HICP of the old
base year used in calculating the Base Inflation Reference Index will be adjusted to the new
base year by multiplying the Base Inflation Reference Index by the new base for the month on
which the revised HICP is based and dividing the product by the old base HICP figure for the
same month. For every base year change, the two series will be chained on the basis of the
HICP of the last year of joint publication. This procedure will be used for each occasion on
which a revision is made during the term of the Notes.
Substitution
If the HICP for any relevant month is not published by the end of the next month, then a
substitute HICP value (the "Substitute HICP") will be used for that month and shall be
calculated by the Agent Bank in accordance with the following provisions:
(a)
if a provisional or preliminary HICP has been published by Eurostat in respect of the
relevant month, such value of HICP will automatically be used as the Substitute HICP
and such term shall be construed accordingly; and
(b)
if a provisional or preliminary HICP is not available, the Substitute HICP shall be
calculated in accordance with the following formula:
HICP p - 1
Substitute HICP = HCIP p - 1 x
to the power of 1/12

HICP p - 13

Page 9

where P represents that month for which the HICP is not published and it is therefore
necessary to determine a Substitute HICP by extrapolation. For the avoidance of doubt, if the
HICP is not published and it is therefore necessary to determine a Substitute HICP by
extrapolation in accordance with (b) above for two or more consecutive months, the HICP P-1
for any such second or subsequent month shall be the Substitute HICP for the preceding
month.
Agent Bank: Citibank, N.A.
Interest accrual basis: Actual/Actual (ISMA). For the purposes of calculating accrued
interest, the product of (a) 2.085 per cent. and (b) the fraction determined in accordance with
the interest accrual basis shall be rounded to three decimal places.
(4)
Notifications, etc. to be Final
All notifications, opinions, determinations, certificates, calculations, quotations and decisions
given, expressed, made or obtained for the purposes of and in accordance with the provisions
of this Condition, whether by the Agent Bank or otherwise, will (in the absence of wilful
default, bad faith or manifest error) be binding on the Republic, the Paying Agent and all
Noteholders and Couponholders and (in the absence as referred to above) no liability to the
Republic or the Noteholders or the Couponholders shall attach to the Agent in connection
with the exercise or non-exercise by it of its powers, duties and discretions under this
Condition.
(5) Agent
The Republic will procure that so long as any of the Notes remains outstanding there
shall at all times be an Agent for the purposes of the Notes and the Republic may
terminate the appointment of the Agent. In the event of the appointed office of any bank
being unable or unwilling to continue to act as the Agent, the Republic shall appoint the
Euro-zone office of another major bank engaged in the Euro-zone interbank market to
act in its place. "Euro-zone" means the countries of the European Union which from
time to time have adopted the Euro currency.
4.
REDEMPTION AND PURCHASE
(1) Final
Redemption
Unless previously redeemed or purchased and cancelled as provided below, the Notes will
be redeemed on 25 July 2057 (the "Maturity Date") in an amount calculated by the
Agent Bank in accordance with the following formula:
Redemption Amount = Index Ratio X Principal Amount
where the Index Ratio is the ratio between the Daily Inflation Reference Index on the
Maturity Date and the Base Inflation Reference Index. If the Redemption Amount so
calculated is less than the principal amount of the Notes, the Notes will be redeemed at
their principal amount.
The Agent Bank will determine the Redemption Amount in respect of each Note (in the
denomination of 1,000,000) four Business Days before the Maturity Date and shall
notify any stock exchange on which the Notes are at the relevant time listed and promptly
publish the relevant Index Ratio and the Redemption Amount in respect of each Note in
accordance with Condition 11 as soon as possible after their determination.

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