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Government Ponders Possibility of Selective Default

The government is now discussing with the Europeans the possibility to declare a selective default, if the financing of the deficits and of the banking sector is secured. The European Central Bank has threatened that in case of a selective default it will not accept the Greek bonds as a pledge for providing liquidity.
The Minister of Economics, Mr. Venizelos said that a selective default just means that the credit rating agencies will downgrade Greece and in reality, a default will not take place. He also seemed willing to accept giving collaterals if in return we will have lower interest rates and bigger loan terms.
Prime Minister George Papandreou said during the meeting of the cabinet that the Eurozone does not seem to take any decisions for dealing with the financial crisis and announced he will meet with his European counterparts for the final decisions.

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