Wall Street Journal
June 6, 2011
Support is building among senior European finance officials for a plan to press Greece's private-sector creditors into accepting a debt exchange that would result in delayed repayment to them, people familiar with the matter say.
But that aggressive course of action—which would probably trigger the euro zone's first-ever debt default—faces opposition from the European Central Bank, which would have to be a key player in the plan, and it will face tough battles at a series of meetings of politicians this month.
The latest plan was discussed at a meeting of euro-zone finance-ministry officials in Vienna last week, and senior euro-zone officials said Saturday that there was a tentative agreement to give Greece more financing—and that aid would likely come on condition that private-sector creditors bear some of the burden.
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