Greece Argues for better Interest Rates

January 20th, 2011
in Banking, econ_news

Greek columns Econintersect:  Greece hopes to broker cheaper interest rates on rescue loans from fellow EU states after showing "credibility" in its efforts to reduce its enormous debt, the Greek finance minister has said.

"A discussion has begun on the cost of borrowing which is very important for us," George Papaconstantinou told TV station Mega late Wednesday.

"As we regain our credibility, we are more able to demand and negotiate ... better treatment," the minister said.

Follow up:

This came as Klaus Regling, head of the EU bailout fund, announced that Greece would not need any debt restructuring. 

In May, Athens faced bankruptcy and had to appeal for a loan rescue from other European Union states at over five percent, a rate which market analysts see as difficult to sustain given Greece's continued economic frailty.

Sources:  GEI News and Yahoo News

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1 comment

  1. Roger Erickson says :

    "Greece Argues for better Interest Rates"

    Hilarious. They could go back to using their own currency, where they could set interest rates at zero, like most everyone else is doing, or heading to?

    What kind of fool takes on debt denominated in someone else's currency, when currency is the easiest thing in the world for a nation to create for it's own use?

    It's hard enough to manage the spot, exchange value of imported, exported & locally used goods & services. Why ADD an artificial shortage of tracking currency ON TOP OF THAT?

    Socrates & Pericles could have figured this out in, say 30 minutes. What's wrong with the current crop of Aegeans? Sold their country out to German bankers?



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