Confidence in Greek Debt Sinks Again

Chancellor Angela Merkel kept up the pressure on Greece on Monday, demanding deeper cuts over three years in exchange for approval of an international bailout. At the same time, her finance minister, Wolfgang Schäuble, was preparing the ground for quick passage in the German Parliament, saying the stability of the euro was at stake.

Amid the uncertainty, investor confidence in Greek assets sank to a new low, and the euro fell as well.

On top of questions about when the aid package of up to €45 billion, or $60 billion, might be delivered, fears are increasing that even with funds in place, Greece will have to restructure its debts, with investors liable to book losses and see the duration of the assets they hold extended.

Read Full Article from New York Times

- Posted: 2010-04-26 12:17:52

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