Visit the Macedonia Homepage (by Nikolaos Martis) A)? GHT="50">
Compact version
Today's Suggestion
Read The "Macedonian Question" (by Maria Nystazopoulou-Pelekidou)
HomeAbout HR-NetNewsWeb SitesDocumentsOnline HelpUsage InformationContact us
Friday, 18 October 2019
  Latest News (All)
     From Greece
     From Cyprus
     From Europe
     From Balkans
     From Turkey
     From USA
  World Press
  News Archives
Web Sites
  Interesting Nodes
  Special Topics
  Treaties, Conventions
  U.S. Agencies
  Cyprus Problem
  Personal NewsPaper
  Greek Fonts

Athens News Agency: News in English, 11-05-07

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Greek 'euro exit' speculation denied 

  • [01] Greek 'euro exit' speculation denied

    (ANA-MPA)-Finance minister George Papaconstantinou denied scenarios that Greece would leave the euro currency, in an interview with the Italian daily newspaper La Stampa.

    Asked if it would be easier for Greece, as suggested in a controversial article in the German magazine Der Spiegel, that Greece leave the euro currency, Papaconstantinou replied "no, that is impossible".(ANA-MPA)

    "No, that is not possible. First of all because there is no mechanism for a country's exit from the euro. The consequences would be catastrophic: The fiscal deficit would double, the buying power would collapse, the banks would be hard hit, and we would fall into a war-period recession," Papaconstantinou explained.(ANA-MPA)

    On restructuring of the state debt, Papaconstantinou said he continues to maintain that the cost of a restructuring largely outweighs any possible positive effects, warning that if Greece unilaterally imposed losses on holders of state bonds, the markets would exclude it for a very long time because the consequences to the banking system would be incalculable.(ANA-MPA)

    The finance reiterated that only intensification of the streamlining measures, with the achievement of a primary surplus and return to growth can, in the medium-term, convince the markets.(ANA-MPA)

    On Greece's return to the international markets, Papaconstantinou noted that six months in a huge space of time, and expressed his belief that after the summer, when the streamlining and privatisations plan will have progressed, the markets will settle down.(ANA-MPA)

    More details on the subscriber's page of ANA-MPA | Subscription request form

    Athens News Agency: News in English Directory - Previous Article - Next Article
    Back to Top
    Copyright 1995-2016 HR-Net (Hellenic Resources Network). An HRI Project.
    All Rights Reserved.

    HTML by the HR-Net Group / Hellenic Resources Institute, Inc.
    ana2html v2.01 run on Saturday, 7 May 2011 - 16:30:27 UTC