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DIE WELT:Greek Minister considers Debt Restructure Inevitable
Posted by keeptalkinggreece in Economy
BERLIN (MNI) – Greece ultimately will not be able to avoid restructuring its sovereign debt, an unnamed Greek government minister told the German daily Die Welt in an interview to be published Tuesday.
“The question is not anymore if we have to restructure but only when,” the minister told the paper, which pre-released the interview to media organizations Monday afternoon. Die Welt described the minister as a confidant of Greece’s Prime Minister George Papandreou.
Another Greek official was quoted by Die Welt as saying that “it is very well possible that we will have to significantly lengthen the maturity of our debt and will have to lower interest rates.”
“A second approach is, for example, to tell investors who bought our government debt after the start of the crisis at, for example, 90% of the face value: You will get only 80% and only at a later point in time,” the official told the paper.
Nobody will comment publicly on a debt restructuring “until all details are resolved,” the official said, according to Die Welt. The Greek government aims to achieve a long-term, brokered debt restructuring, he said. A role model could be the “Brady Bonds” issued by South American countries in the late 1980s, Die Welt said. (iMarket)
In German Here
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