Greece is close to attempting a multibillion-euro bond issue, in what will be a critical test of the country's market credibility as it battles a spiralling debt crisis and public sector strikes.

Bankers in Athens expect a syndicated bond issue to be launched within days after Athens on Friday appointed a senior commercial banker as the new head of the country's debt agency. The appointment of Petros Christodoulou, general manager for treasury global markets at National Bank of Greece, the country's biggest lender, fuelled expectations that the government would try to raise €3bn-€5bn ($4bn-$6.7bn) as early as next week.

Greece's debt crisis remains acute, with no specific promises of financial support from its eurozone partners and €20bn of bonds to be rolled over in April and May. However, the interest rate premium demanded by investors in 10-year Greek bonds over German bunds has stabilised this week.