Greece Won’t Need Rescue, Papaconstantinou Says |
| BusinessWeek - Jan 21, 2010 |
Greece won’t need a rescue package to tame the European Union’s biggest budget deficit, Finance Minister George Papaconstantinou said as the risk premium on holding Greek government debt rose to the highest since the launch of the euro.
“We are not expecting anyone to come to our rescue,” he said today at a conference in Athens. He denied a report that the European Union was preparing a loan to help Greece and said the government will be able to satisfy its borrowing needs this year on schedule.
Investor concern that the government will struggle to rein in its deficit drove the yield premium investors demand to hold Greek debt instead of German bunds to the highest since the euro’s debut in 1999. The difference in yield, or spread, between the securities widened to more than 300 basis points before narrowing on Papaconstantinou’s comments. The spread was 291 basis points at 2:40 p.m. in London.
Read Full Article from BusinessWeek
- Posted: 2010-01-21 10:58:41
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