Monday 18 April 2011

Greece Has Already Asked To Default

According to the Greek paper Eleftherotypia, Greece has already asked the IMF and EU earlier this month to restructure its loans (via Google Translate):
The Greek government asked the IMF and the EU increasing the total debt. The process is expected to launch a debate in June, to be implemented in 2012.

The Government's request, according to reliable information of Eleftherotypia, submitted by Finance Minister Giorgos Papakonstantinou the informal Ecofin meeting held in Hungary and the Troika visit to Athens in early April. All publications saw the light of day in the last 48 hours, for which scenarios are discussed for the forthcoming extension of the debt, received multiple official denial by both the IMF and the EU, because "such moves are not just announced.
And such a move is apparently approved by the US:
In the direction to go in Greece to postpone debt consented and the American Minister of Finance, Timothy Geithner, the meeting was last Saturday with his Greek counterpart: "We need to do (" you have to do it ")», said Mr Papaconstantinou.

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