Calamos Supports Greece
GreekReporter.comBusinessStournaras: Debt Rollοver Would Solve Greece's Funding Gap - No Debt Rollover,...

Stournaras: Debt Rollοver Would Solve Greece's Funding Gap – No Debt Rollover, Says ECB

stournarasFinance Minister Yiannis Stournaras has suggested in an interview, that Greece’s financing gap could be overcome if the European Central Bank and the eurozone’s central banks decide to rollover a part of the Greek debt they are holding.
As kathimerini reports, an amount of 19 billion euros in Greek bonds is being held by ECB and the central banks. This sum will mature by 2016, with 10 billion euros payable in 2014. While speaking to Naftemporiki, Stournaras suggested that rolling over some of this debt would solve Greece’s funding problem.
So far, the ECB has ruled out any debt rollovers as it regards them to be monetary financing of a member state and ahead of Monday’s meeting ECB executive board member Joerg Asmussen indicated that Frankfurt’s position is not about to change.
Asmussen said that it was not possible for the ECB to roll over the Greek bonds it is holding.
It is ekathimerini’s understanding that the government is also looking at rolling over 4.4 billion euros of Greek bonds held by local banks.
On the other hand, the Greek Finance Minister and the Troika, must discuss some issues which remain open,for the disbursement of the next tranche of 1 billion euros. These issues are the single tax on real estate and the restructuring plan for the defense industries EAS, ELVO and LARKO, for which Mr. Yiannis Stournaras and Mrs. Fofi Gennimata have prepared a new and complete argumentation in order to avoid the padlock.

See all the latest news from Greece and the world at Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!

Related Posts