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Economy
In reply to the discussion: Weekend Economists Batten Down the Hatches October 26-28, 2012 [View all]xchrom
(108,903 posts)81. German Finance Minister Says No Way To A New Greek Debt Haircut
http://www.businessinsider.com/german-finance-minister-says-no-way-to-a-new-greek-debt-haircut-2012-10
Wolfgang Schaeuble
BERLIN (AP) Germany's finance minister has dismissed the idea of governments and other public creditors taking a hit on their Greek debt holdings, arguing that it wouldn't be legally feasible.
However, Wolfgang Schaeuble said in an interview with Deutschlandfunk radio broadcast Sunday that a debt buyback program under which Greece would get loans that would allow it to pay off debts might be possible. That, he said, "is not a trick; it is a consideration that can seriously be engaged in."
Greece is pushing for a two-year extension of the 2014 deadline to meet the terms of its bailout program, a move expected to incur substantial extra costs.
Private creditors agreed earlier this year to take a so-called haircut, or restructuring, on their Greek debt holdings accepting a 53.5 percent loss on the face value of bonds.
Read more: http://www.businessinsider.com/german-finance-minister-says-no-way-to-a-new-greek-debt-haircut-2012-10#ixzz2AbJoysSO
Wolfgang Schaeuble
BERLIN (AP) Germany's finance minister has dismissed the idea of governments and other public creditors taking a hit on their Greek debt holdings, arguing that it wouldn't be legally feasible.
However, Wolfgang Schaeuble said in an interview with Deutschlandfunk radio broadcast Sunday that a debt buyback program under which Greece would get loans that would allow it to pay off debts might be possible. That, he said, "is not a trick; it is a consideration that can seriously be engaged in."
Greece is pushing for a two-year extension of the 2014 deadline to meet the terms of its bailout program, a move expected to incur substantial extra costs.
Private creditors agreed earlier this year to take a so-called haircut, or restructuring, on their Greek debt holdings accepting a 53.5 percent loss on the face value of bonds.
Read more: http://www.businessinsider.com/german-finance-minister-says-no-way-to-a-new-greek-debt-haircut-2012-10#ixzz2AbJoysSO
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