Euro zone finance ministers said that they would consider asking Greece's private creditors to extend the maturities on their bonds to buy Athens more time to pay down its huge debt.
But it is still unclear how policymakers could convince Greek debt holders to agree to a voluntary "soft restructuring" of this kind. Even if they were successful, this step would only buy Athens more time, not reduce its sovereign debt burden of about 330 billion euros.
Greece committing up to EUR50bn of privatization seems to be at the heart of EU pressure on Greece for economic reforms before they get additional funding.
Austria getting lippy about Greece. Greece must do its "homework" by
fulfilling previous fiscal pledges if it wants to stay in the Euro zone,
Austrian finance minister Maria Fekter said.
"Before Greece does its homework, no money can flow," Fekter said outside a meeting of finance ministers in Brussels. Underlines that the Greece issue is not going to go away soon for risk perceptions
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