Reuters
October 12, 2011
Losses for private investors on Greek debt in the second financing package for Athens are likely to be between 30 and 50 percent, rather than the earlier agreed 21 percent, euro zone officials said on Wednesday.
The euro zone is reviewing the terms of its second financing package for Greece, including the private sector contribution, because Greece is in a deeper than expected recession and market interest rates have changed since then.
International inspectors now do not expect Greece to return to growth until 2013, rather than the earlier forecast 2012, which, together with delays in structural reforms and privatization, increases Greek financing needs.
The additional costs will have to be redistributed between governments and private investors.
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