By Marcus Bensasson - Sep 10, 2011 1:14 AM GMT+0700
The main headquarters of the Greek Finance Ministry sit in Athens. Photographer: Kostas Tsironis/Bloomberg
Sept. 9 (Bloomberg) -- Vincent Truglia, managing director at Granite Springs Asset Management, talks about the likelihood of a possible default on Greek sovereign debt. Finance Minister Evangelos Venizelos dismissed “rumors” of a Greek default, saying the nation is committed to “full implementation” of the terms of a July agreement for a second aid package. Truglia speaks with Lisa Murphy on Bloomberg Television's "Fast Forward." (Source: Bloomberg)
Sept. 9 (Bloomberg) -- Axel Merk, president and chief investment officer of Merk Investments LLC, talks about his decision to sell the euro. Merk also discusses Greece's sovereign debt crisis. He speaks with Matt Miller, Carol Massar and Peter Cook on Bloomberg Television's "Street Smart." (Source: Bloomberg)
Sept. 9 (Bloomberg) -- German lawmaker Otto Fricke, the budget spokesman for Chancellor Angela Merkel's Free Democratic Party coalition partner, talks about political solutions to the Greek debt crisis. He speaks from Berlin with Owen Thomas on Bloomberg Television's "Countdown." (Source: Bloomberg)
Finance Minister Evangelos Venizelos dismissed “rumors” of a Greek default, saying the nation is committed to “full implementation” of the terms of a July agreement for a second aid package.
“This isn’t the first time that this organized wave of rumors over Greece’s default has appeared,” Venizelos said in an e-mailed statement today. “This is a game that’s in bad taste, organized speculation that is directed against the euro region and the euro as a whole.”
Stocks sank and the euro slid to a six-month low against the dollar today as three German officials said that Chancellor Angela Merkel’s government is preparing plans to shore up banks should Greece default. Investors are concerned that Greece isn’t implementing austerity moves fast enough to get a sixth payment from last year’s 110 billion-euro ($151 billion) bailout.
Greece committed is to the “full implementation” of the decisions of a July 21 summit for a second aid package worth 159 billion euros, as well as “its obligations arising from its agreements with its institutional partners,” Venizelos said.
Greece this week pledged to accelerate measures pledged in return for international financing, with EU and International Monetary Fund officials due to return to Athens next week to resume a suspended review of the country’s fiscal performance.
Responses from banks invited to participate in a 50 billion-euro debt swap program that forms part of the July 21 agreement have been “very positive,” Petros Christodoulou, head of the country’s debt management office, said in a telephone interview today. The government is looking for financial institutions holding 90 percent of Greek government debt expiring up to 2014 to take part in the program.
To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net.
To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net.
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