Saturday August 30, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek debt writedown probable, ECB's Coene says

Resolving Greece's problems will probably require a writedown of at least part of its debt, and Spain urgently needs to seek a bailout, European Central Bank Governing Council member Luc Coene was quoted as saying.

Coene made the comments at a debate at the University of Ghent, Belgian daily De Standaard reported on Thursday.

On Greece, Coene appeared to share the position of the International Monetary Fund, which believes that some Greek debt must be written down to make the burden manageable.

Germany, the biggest contributor to eurozone bailout funds, has repeatedly rejected the idea of eurozone governments writing down their holdings of Greek debt, saying it would be illegal.

Banks, insurers and other private sector investors holding about 206 billion euros of Greek bonds took a 53.5 percent reduction on the nominal value of their securities earlier this year.

Greece's total debt it forecast to rise to nearly 190 percent of gross domestic product next year, meaning it is highly unlikely to fall back to 120 percent of GDP by 2020, the level the IMF has said is the maximum sustainable in the long term.

Coene also expressed concern about Spain, whose 10-year debt yields have pushed back to around 6 percent in recent days.

"Spain urgently needs to call on the emergency aid,Ľ Coene said, according to De Standaard, adding that if financial markets again became unsettled then it was not clear what further ammunition the European Central Bank would have.

Having covered its public funding needs for 2012, Madrid has resisted pressure to call for a bailout, which would likely trigger ECB purchases of Spanish debt. [Reuters]

ekathimerini.com , Thursday November 15, 2012 (10:35)  
Ministry launches work experience program for unemployed graduates
Tax burden in Greece among EUís heaviest, study reveals
Coalition bent on protecting weaker groups
Loaded agenda for Paris talks
New Democracy aims to ease tax burden, attack SYRIZAís policies as leadersí Thessaloniki speeches near
New Democracy is to follow a two-pronged strategy in the coming days as it attempts to win over voters by pledging to tend to their tax concerns while also mounting a campaign to discredit S...
Infrastructure Minister assures officials over coastal revamp
A radical overhaul of the southern Athens coast at Faliro Bay will be put to tender in December, Infrastructure Minister Michalis Chrysochoidis said Friday at a meeting with officials from t...
Inside News
SOCCER
Tough draw for Greek sides in Europe League Greek stage
Following Thursday nightís high, when all three Greek teams competing in the Europa League made it into the group stage of the competition, a harsh reality struck Friday as they found out wh...
JUDO
Greek judoka Iliadis triples up as Aguiar stuns Tcheumeo
Greek star Ilias Iliadis claimed his third world title in the under-90kg category in Chelyabinsk on Friday as Brazilian Mayra Aguiar and Colombian Yuri Alvear won gold in the womenís under-7...
Inside Sports
ANALYSIS
Greek quest for debt relief faces hurdles in Paris
As Greek Prime Minister Antonis Samaras tries to follow Ireland and Portugal out the bailout exit door, he faces a month of bargaining. For a nation thatís already gone through the biggest d...
COMMENTARY
Stifled dreams
At more or less the same time every year, we see the same images of high school graduates looking through the Education Ministryís lists of those who passed and those who failed the national...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Ministry launches work experience program for unemployed graduates
2. Tax burden in Greece among EUís heaviest, study reveals
3. New Democracy aims to ease tax burden, attack SYRIZAís policies as leadersí Thessaloniki speeches near
4. Coalition bent on protecting weaker groups
5. Infrastructure Minister assures officials over coastal revamp
6. Deadline for ENFIA tax pushed back to September 30
more news
Today
This Week
1. Strong undersea quake occurs off island of Milos, felt in Athens
2. Greek quest for debt relief faces hurdles in Paris
3. Dozens of migrants intercepted in the Aegean
4. Rendi shootout leaves would-be hypermarket robber dead
5. Gov't jet carrying Venizelos back from Turkey conducts emergency landing
6. Tight security in place for City of Athens ceremony as GD MP, supporters to attend
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. Purification rituals
3. The battle against progress
4. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
5. Athens finalizes Paris talks goals
6. Aftershocks rattle Halkidiki after strong 5-Richter quake
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.