New York Times
January 19, 2011
Analysts said on Wednesday that having Greece buy back its own devalued bonds could be an important step toward solving Europe’s sovereign debt crisis.
A German government spokesman denied reports that such a plan was in the works. But if Greece bought back the bonds with help from other euro zone countries, the country would not have to repay the full amount of the debt when the bonds reached maturity.
“It’s the first time we’ve got an indication Europe is starting to think outside of the box,” said Jacques Cailloux, chief European economist at Royal Bank of Scotland. “Ultimately, it’s the return to some kind of stable debt path that will provide the biggest turnaround in confidence,” he said.
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