Spanish Finance Minister Salgado on the Wires
Says:
- ‘Nothing was said on Greek referendum at summit
- Main two Greek parties should reach agreement
- Greek parties should make accord to reduce uncertainty
- Economic forecasts are ‘out of date’
- There’s ‘enormous slowdown’ in developed countries
- No one expected Greek referendum
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Greece Schedules Confidence Vote
Greek confidence vote scheduled June 21,2011
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Greece Cut to CCC By S&P
Greece’s rating has been cut by the Standard & Poors to CCC from B. Outlook negative
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Greek Government Advisor Papademos Comments in Frankfurt
Says:
- Greek public needs ‘reassureance’ over debt plan
- Greek debt restructuring undesirable, not needed
- Greek debt restructuring would hurt Euro bank system
- If program implemented restructuring will not be necessary
- Europes debt crisis will be resolved
- ECB’s April rate increase sent important signal
- Loose policy globally encouraging risk taking
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