Japonica Partners was worried about Greek's financial situation, particularly the potential funding gap worth 3 to 4 billion euro, ERT's closure, and deficiency in privatization revenues. As a result, it has decided to lower the minimum price of Greek government bonds to 40 percent.

This reduction in the minimum purchase price from 45 percent was below the current trading of Greek bonds. However, the US investment firm announced that it would increase its maximum nominal principal amount to up to 4 billion euros or $5.20 billion.

The firm initially announced in June that it would buy up to 2.9 billion euros' worth of government bonds, which was about 10 percent of outstanding debt. According to Japonica, these changes were due to the recent developments in the country's finances. The company has also noted that the market for Greek government bonds was volatile and highly illiquid.

The final price of Greek government bonds would be settled through an auction process and the offer period would also be extended until August 1.