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This article was published May 14, 2015 at 10:10.
The last change is the 14 May 2015 at 13:04.
Greece does not point to a “haircut” of the debt. This was stated by Minister of Finance greek Yanis Varoufakis – as writes Bloomberg – explaining that the debt level is unsustainable, but Athens must be “redesigned” and uncut. “In July-August – said the minister – the Finance Ministry will have to borrow 6.7 billion euro from our partners, to repay in one way or another in the bond program expires SMP. About 27 billion euro of these bonds fall and will be repaid in the coming months. The repayment of these bonds must be be postponed to a distant future. That’s clear. “
But how postpone repayment of loans to the ECB? Varoufakis has no doubts: “Through a swap. The idea of a swap between the ECB and the greek government fills the soul of mr. Dragons of fear. This is because, as you know, mr. Draghi is fighting with Bundesbank, fighting the quantitative easing. Weidmann in particular opposes Qe ‘”. In practice, Varoufakis argues that Draghi can not ‘accept the debt swap with Greece because’ such a move would weaken the Qe.
The greek government spokesman, Gabriel Sakellaridis, also revealed that Greece may request the convening of an extraordinary summit of the Euro at the end of May, hoping that by that time has already been agreed with the creditors. Sakellaridis further stated that the government intends to meet its payment obligations, but that an agreement to address the liquidity of the country should be reached soon.
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