Greece No Danger To Global Economy
Global Strategic Management reported that a meeting was scheduled for Monday between the Eurozone finance ministers in Brussels to conclude a second Greek rescue which it was hoped would put a stop to any concerns that Greece be ousted from the Euroz
chicago (I-Newswire) September 12, 2012 - Notwithstanding this meeting European Central Bank Executive board member Joerg Asmussen has been quoted in the Financial Times Deutschland as saying: "Luckily, Greece is no threat to the world economy. Nevertheless, other countries expect us to find a solution. But by the G20 meeting at the end of the week, we'll be a great deal further towards one.”
Asmussen has stated that Greece is “no threat to the world economy” although it is poised on the edge of bankruptcy.
The proposed rescue plan by the Eurozone finance ministers which is to expunge 100 billion euros ($130 billion) of money owing and provide loans valued at another 130 billion euros is reliant on agonizing new expenditure cuts that Athens must make in the face of aggressive protests.
February 25 – 26 will see the Finance ministers and central bankers from the Group of 20 countries meeting in Mexico City.
Global Strategic Management revealed that the ECB's director general for legal services, Antonio Sainz de Vicuna was quoted by the business daily Handelsblatt as having said the bank was exploring options for the eurozone governments to direct proceeds from the ECB's holdings of Greek bonds to help Greece.
"There is the political wish for the profits that we make on the bonds to be distributed to the EFSF (European Financial Stability Facility)," the EU's bailout fund, Sainz de Vicuna said.
Global Strategic Management reported this statement although Sainz de Vicuna insisted that the ECB could not finance governments and intimated that different options were being explored. Global Strategic Management reported that he said that this was a political decision although the eurosystem had to be in agreement to make sure of the legalities of the possible course of action.
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Published On:September 12, 2012
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