Greek Failure On Bailout Talks Means Euro Exit-Spokesman |
| Wall Street Journal - Jan 3, 2012 |
The Greek government said Tuesday that Greece must successfully complete negotiations with its creditors on a second bailout package to remain in the euro zone, adding to the stakes as officials prepare for new talks with the European Union and the International Monetary Fund this month.
European leaders and the IMF agreed in late October to EUR130 billion in fresh aid for Athens, which secured a first bailout worth EUR110 billion in May 2010. Many details of the second deal remain unsettled, particularly a provision calling on Greece's creditor banks to write down a significant portion of their Greek government bond holdings.
"This second loan agreement must be signed otherwise we are out of the markets, out of the euro," government spokesman Pantelis Kapsis told privately owned television station Skai.
His comments reflected the gravity with which the caretaker government is viewing the next few weeks. Greek officials have avoided raising the possibility of Greece departing the euro zone and returning to its own currency, a process that could cripple the Greek economy and its financial system.
Read Full Article from Wall Street Journal
- Posted: 2012-01-03 12:40:41
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