Financial Times
May 3, 2011
Bill Rhodes, the leading financial diplomat, has said that official and private lenders need to give distressed Greece and Portugal more time – otherwise a Brady bond-style eurozone debt restructuring looks inevitable.
“Many people in the market believe it is inevitable. I still think there is an opportunity if there is more flexibility, but time is running out,” he told the Financial Times.
Mr Rhodes, 75, whose long experience of sovereign debt workouts once won him a reputation as a Mr Fixit, said in a video interview that more flexibility specifically meant longer maturities and lower interest payments for Greek debt.
“I think you need to reward governments that are implementing tough austerity programmes . . . and the Greeks have been making a major austerity effort, although they’ve not yet got to privatisations and they need to,” said Mr Rhodes.
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