Wall Street Journal
January 27, 2012
Sealing the euro zone's proposed fiscal pact would enable the European Union's new bailout fund to enter into force earlier than planned, German Finance Minister Wolfgang Schäuble told the World Economic Forum Friday.
In a panel discussion with two other European finance ministers, Mr. Schäuble and European Commissioner Olli Rehn expressed confidence that both the pact and the treaty governing the European Stability Mechanism will be concluded at a summit in Brussels Monday.
Mr. Schäuble also said he was "quite confident" that Greece would avoid being forced into default, as opposed to a voluntary debt restructuring now being negotiated.
Spanish Finance Minister Luis de Guindos, meanwhile, said the European Central Bank shouldn't be compelled to accept losses on its holdings of Greek debt by participating in the debt restructuring.
All parties insisted that Greece was a unique case and that no other country in the euro zone would need to ask private creditors to accept losses on their bond holdings.
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